Permanent Portfolio
Harry Browne’s four equal parts for every economic season: stocks, bonds, gold and cash. Browne used long-term Treasuries, so the 10-year series here is a close stand-in.
What it holds
| Asset | Share |
|---|---|
| US stocks, whole market | 25% |
| US 10-year Treasury bonds | 25% |
| Gold | 25% |
| US Treasury bills | 25% |
How it did, 1926-07 to 2026-09
3.7%
Per year after inflation (6.8% before)
6.3%
Volatility
-26%
Worst drop, 1946 to 1948
3.23%
Safe withdrawal rate over 30 years, 4.43% over 20
Best and worst calendar years
| Best | Return |
|---|---|
| 1979 | +35.3% |
| 1933 | +28.1% |
| 1982 | +23.4% |
| 2025 | +22.6% |
| 1980 | +19.1% |
| Worst | Return |
|---|---|
| 1931 | −14.7% |
| 1937 | −8.5% |
| 2022 | −7.7% |
| 1969 | −6.3% |
| 1930 | −5.8% |
Open in the backtest tool Test a withdrawal rate
US dollars, rebalanced yearly, before tax and fund costs. Past results are not a promise about the future, and nothing here is investment advice.