Hi Clive, Re: Review of AIM, Buy/Hold and "Cash Equivalents".............
As always, an excellent and scholarly review of the subjects. I've found the rebalancing of the Stock/Gold/Treasuries portfolios creates a trifecta for Cash Equals. This is very interesting in and of itself.
I've used a gold surrogate (IAU) along with various income ETFs and stock funds in the Ultimate Buy and AIM portfolio but never isolated and assigned them as "Cash and Equivalents." If I were to do so, then the overall cash component including the Equals would be excessive. This is because I'm holding true AIM cash plus the "Equals" components. This probably would, in effect, nearly double the overall Reserve.
Thanks again for sharing your studies.
OAG Tom