CNBC just reported that the dopes at Merrill Lynch just changed their asset allocation, raising the equity weight and reducing bonds.
A bit late for that, isn't it! People pay for this advice? Sell bonds AFTER they've tanked, and buy stocks AFTER they've rallied? We've been telling people to sell bonds and buy stocks and gold for months:
Lies, Damned Lies and Statistics
Chinese Taking Over
Jeremy Siegel on Stocks and Bonds
Gold on a Rampage
UPDATE: Holy smokes! It's worse than I thought! Merrill has been recommending that their clients heavily overweight bonds and heavily underweight stocks! In a near-zero real interest rate environment! Merrill clients would have gotten crushed if they took this advice.
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