Financial markets can make you look really foolish, even if you thought your analysis was right, and still do. Today’s humbling example: The best investment by far for the first half of this year has been the one that people like me have been warning against: long-term U.S. Treasury bonds. Columnist Allan Sloan also says in today’s Washington Post that you have to protect yourself against a decline in the value of the dollar because our need to borrow huge amounts to cover trade and budget deficits is eroding the greenback’s standing as the world’s reserve currency. But guess what: Even though it’s been a crummy year for U.S. stocks, the performance of foreign stocks has been considerably crummier.

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