For the 1% who have enough wealth to make diversification a good strategy and who have enough cash flow to make regular contributions to their investments then I could see having some in T-bills would make more sense than keeping the equivalent amount in cash.
For the rest of the 99% who don't have enough cash flow to make regular contributions to a portfolio, the strategy changes.
I recall Harry Browne's investment strategy for lazy investors, 25% cash, 25% long-term US treasuries, 25% in low fee S&P 500 index fund, 25% gold.
Each month or so buy whichever asset is the least expensive at that time.
Supposedly this generates between 10 and 12% year to year.
Of course this is for 'normal' situations, I don't know if Harry Browne would recommend the same strategy now.
Thank you Harry Browne, you were my first introduction to Libertarianism and you were also of the same mold as Ron Paul, humble and more interested in promoting the message than yourself.
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