Treasury Inflation-Protected Securities, known as TIPS, are instruments designed to protect investors against the corrosive effects of inflation. What's not to love?

David Darst, of Morgan Stanley Smith Barney, recommends TIPS. He writes in an email: "From a long-term portfolio construction perspective, TIPS offer diversification, protection against rising CPI inflation, usually better-than-cash returns and generally low correlations of returns both with stocks and with straight bonds."

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