Outside of the stock market, Doll also thinks bonds are relatively attractive compared to last year. Within the bond market, he likesmost, with 10-year yields offering more than a 4% coupon. In comparison, corporate bonds don't offer enough of a premium to risk-free Treasurys. Right now, Aaa corporate bonds offer a 0.79% premium to 10-year Treasury notes.
"Last year we said own as few bonds or no bonds if you possibly can. A 1.5% 10-year Treasury is a bad deal, and of course bonds have sold off hard," he said."At a 4% 10-year Treasury yield, own some bonds."and the assets offering a hedge in a recessionary scenario. If a downturn strikes, it's likely that yields fall, meaning prices would rise and investors could sell them at a premium.
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