This is a fascinating time for income investors because there are excellent bond fund managers who are bullish on bonds and think that interest rates are going to fall. There are others that are bearish because they believe rates are rising. Are the bulls right or are the bears correct? Keep reading for my rather surprising conclusion in the battle of the bond bulls and bears.
In this piece from The Wall Street Journal, we first hear from the bears [emphasis added]:
For more than a year, many have argued that bonds are in a bubble, or at least very expensive. Despite that, they have remained popular.
This has puzzled the bearish bond gurus. In March, Pacific Investment Management Co.?s Bill Gross, manager of the nation?s largest bond fund, decided that Treasurys had gotten too pricey. He made a noisy exit from the market, proclaiming that the government?s horrible balance
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