Our No-Stock Investment Portfolio

For investors with no taste for common stocks, we’ve updated our investing recipe for Tofurky.

Our annual Tofurky feast is rapidly approaching. That’s the time of the year when we present a portfolio that offers the potential of stock-like returns but does so without holding any common stocks. I call it the Tofurky portfolio, after the ersatz Thanksgiving roast, a concoction of tofu and wheat protein.

I assembled our first Tofurky package two years ago, in the midst of the great financial crisis and accompanying bear market. It was my response to the reaction of many shell-shocked investors who vowed that they would never again own stocks. I didn’t believe then -- and still don’t believe now -- that you should permanently redline an entire asset class. But I certainly sympathized with investors who saw shares of sound companies get crushed mercilessly day after day, regardless of whether the pounding was deserved.

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Jeffrey R. Kosnett
Senior Editor, Kiplinger's Personal Finance
Kosnett is the editor of Kiplinger's Investing for Income and writes the "Cash in Hand" column for Kiplinger's Personal Finance. He is an income-investing expert who covers bonds, real estate investment trusts, oil and gas income deals, dividend stocks and anything else that pays interest and dividends. He joined Kiplinger in 1981 after six years in newspapers, including the Baltimore Sun. He is a 1976 journalism graduate from the Medill School at Northwestern University and completed an executive program at the Carnegie-Mellon University business school in 1978.