This is a great chart from a BAML investor survey, posted to Twitter via @pawelmorski.
It shows the net per cent who think bonds are overvalued (blue line) vs. the net per cent who think equities are overvalued (black line).
For a decade now, investors have been hating bonds, which has been exactly the wrong stance to have, since bonds have had a blistering decade, and stocks have languished.
And of course we’re still hearing this now. Folks like Larry Fink, Warren Buffett, and Jeremy Grantham can’t express how much they hate bonds with their paltry returns. Just realise that pro investors have been saying this for 10 years.
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