According to the latest Merrill Lynch survey of fund manager opinion, sentiment towards equities has...
According to the latest Merrill Lynch survey of fund manager opinion, sentiment towards equities has risen to levels not seen since the peak of the last bull market in early 2000. Predictably, the majority of that same sample sees bond yields and short-term interest rates rising over the next 12 months. That is a dramatic reversal of opinion since the equity market recovery started in March. This is all very bewildering for retail investors, who had derived comfort from the defensive qualities of bonds during the three years of negative returns from equities (2000-2002). Should we, the...
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