Bond yield is artificially low due to central bank buying and holding of $2 trillion plus Treasury and agency securities. Bond pricing is at historically high valuation.
Stock - S&P PE at 14 is at historical average and isn't cheap. Given a deleveraging outlook I expect slow economic growth. I think blue chip consumer brands are going to do well, especially those with emerging market exposure. High leveraging companies are benefiting from low rate environment but may face challenges to grow.
Real Estate - the best time in a decade to buy.
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