(Mar 6): The cocktail party scene must be unbearable these days. If there were ever a time to brag endlessly about portfolio profits, this is it. Stocks have had a massive rally with many indexes sitting at or near all-time highs. Bonds have climbed on falling interest rates and credit spreads — both within spitting distance of all-time lows.

The standard 60% stocks / 40% bonds portfolio is killing it — with relatively low volatility no less — an enviable Sharpe Ratio, the consultants tell us. Building a top-notch portfolio, which used to be considered fairly difficult, is starting to look pretty easy.

However, investors generating fabulous returns in recent years would do better to credit central banks than the person in the mirror.

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