Man Institute: If history is any guide, at this juncture bonds may be a more attractive proposition than equities, at least in the short term.

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Let’s begin with a mea culpa. In my note of 18 May 2023, I wrote that the risk/reward for equities versus bonds was in favor of the latter. Since then, US equities are up 8%. US long-end government bonds are down 8%. There used to be a word for that. Ah yes. Wrong! ‘The horse is dead, man’, I hear you…

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