Look: it's a point/counterpoint article that basically says nothing that hasn't been said before umpteen times.

Fleckenstein hates TIPS  because he has made a career out of being short seller.  If TIPS are such a "cheat" (assuming he knows the real rate of inflation) how come, like Ray, I have made decent money on them since I got in in 2000 when I retired?

Do a little exercise (if you're willing to look to past history) and use the custom graphing feature at TIAA, plug in $10K for 10 years (the longest period available at the site), and compare TIAA REA, CREF ILB, and CREF Equity Index.

Not only has CREF ILB been a respectable diversifier (like TREA), but it's beaten the pants off CREF Equity Index. Will this continue into the future?  Heck, I don't know.  But I sure am glad a nice chunk of fixed income is in the Vanguard TIPS fund.  Bob U.