[prestonbriggs]

Well, T-Bills, of course. Short term, so that you don't get stuck when interest rates rise. TIPS are another thought.

You're dismissing lots of conservative/safe alternatives because they don't yield much. But that's today. Next year, 5 years, 20 years, who knows? Today, maybe the best thing is to sit back and wait for better conditions, versus take on risk.

Overall, I thought your discussion of "why invest" was too brief. You don't actually need to invest/gamble your money. Just save it (T-Bills, etc) and work to make enough.

If you've got a pile, why invest? What's the possible use of doubling the size of your pile? Can't buy any more stuff. But if you lose half your pile, it might seriously hurt.