Permanent portfolio revisited

Thanks to the excellent portfoliocharts.com we are able to track the performance of Harry Browne's Permanent Portfolio (basically: 25% bonds, 25% stocks, 25% cash, 25% gold). The chart below shows the annual real return (on top of inflation):

What really matters is that it is very rare to lose more than 10% a year and most of the time you get the average return. The readers of our book know that we don't trust long-term bonds, therefore they are not included in our portfolio, however, Harry Browne's proxy is more than acceptable.