Tom White
Thomas White International Fund
Even with 40 years' experience and an 8.5% annualized return since 1994, Tom White admits he doesn't know whether inflation or deflation is looming: "I do know you have to structure your investments, especially as you approach retirement age, for both eventualities."
With bond yields so low and governments spending their way out of recession, he argues for global equities -- such as Procter & Gamble. He sees it as a kind of bond substitute. "Its business model protects against inflation," White says. "It's got a better balance sheet than its peers to survive during rough times."
It's priced like a company that won't get a bounce if the global economy recovers, but White thinks it will. "It's not a speculative stock -- it won't roar up -- but it does benefit, especially as the middle class in China and India continues to grow."
--M.C.
NEXT: Pepsico
