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With all the discussion of the V shaped recovery after looking at the first quarter of 2010 bond fund mutual flows are completely over taking equity mutual funds. 1) More and more baby boomers are retiring. 2) INvestors are chasing yield and safety. 3) Investors are not buying that the economy has recovered and are worried about the economic certainty. Now I am not going to get into a discussion about the dangers of Bond mutual funds and their expense(for another time) but this fact alone would suggest that the appetite for risk is still not so great. Last friday the DOW plunged below 10,000 again. Job numbers were disappointing and the GDP outlook is not looking so rosy specially after the issues in Europe and talking to small private US business\'s. As I said before long road ahead of us.