There is a significantly new story in the equity and bond markets if you follow flows closely. Since 2008, we have had significant inflows into bond mutual funds and outflows in equity funds. Forget about performance, money has been moving into bonds for the last few years, and the market has not committed to this stock rally until 2013. Now we are getting the strong equity inflows and money moving out of bonds. The "Great Asset Switch" is now finally taking place. Of course, it could be a little late, but the taper tantrum and the high absolute equity returns have finally caught the attention of mutual fund holders.
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