August was a rough and tough month for the major asset classes, with one key exception: commodities. Now, why did commodities rose? I cannot pretend to know this. I guess there was a bastardisation of currency of any kind ... all papers are currency in one form or another, but commodities can be considered as hard assets. Temporary or start of fear mongering.
Whats more glaring were the REITs being hammered, US and foreign ... the rebalancing of yields is under way. In anticipation of higher interest rates, REIts which have stable yields and payouts may not be seen as that attractive.
Emerging market stocks and bonds continued to have a horror year to date.