Larry Kudlow couldn't talk with Charles Schwab without asking him for a little free advice.
If you're an individual investor, listen up. First and foremost, "I always believe in a diversified portfolio, " said Schwab during a live interview on The Kudlow Report .
And as part of a diversified portfolio, Schwab believes investors should have fixed income investments. However, he added a very serious note of caution.
"I think we're at the low end of a cycle – and when interest rates start going up – fixed income investments will go down, " Schwab said.
That's something Schwab says every investors must keep an eye on closely – especially older Americans who tend to hold a larger percentage of their portfolio in bonds.