Shannon Zimmerman, lead adviser of Duke Street, adds that ETFs can be a good way to diversify your portfolio.

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One way to do so is to diversify your investment portfolio so that it includes a reasonable amount of growth and income producing assets to balance your investments among high-, medium- and low-risk investments.

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One way to protect yourself from that is to further diversify a part of your portfolio into foreign stocks and bonds and perhaps alternative investments like real estate and commodities that tend to do well in inflation.

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So, just as you own different asset classes to reduce your portfolio's volatility, you should diversify among account types to manage your tax risks.

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Rather than reacting to short-term shifts in sentiment, diversify your portfolio (see our Asset Allocation Models for suggestions on how), rebalance as necessary and think long-term.

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Therefore, I believe that gold offers protection from central bank currency debasement and that adding a float shrink strategy can help diversify your portfolio and give you exposure to the substantial corporate profit distributions through buybacks.

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