This cheap, balanced portfolio will give you more than any pricey hedge fund

Don’t look to hedge funds to rescue your portfolio from the mediocre returns that stocks and bonds are likely to produce over the next several years.

As I’ve written repeatedly in recent months, the U.S. stock market is extremely overvalued,

with an expected return over the next decade that is well below the rate of inflation. Bonds also appear to be unattractive, given the increasing likelihood that inflation will remain higher for longer.