The Permanent Portfolio was proposed by Harry Browne in the book Fail Safe Investing. An excellent modern guide is The Permanent Portfolio: Harry Browne’s Long-Term Investment Strategy by Craig Rowland and J. M. Lawson.
- 25% Total Stock Market (UK)
- 25% Long Term Gilts (UK)
- 25% Tbills/Cash (UK)
- 25% Gold
Short term bonds are a common substitute for cash for many Permanent Portfolio investors.