NEW YORK ( TheStreet) -- Robert Arnott, manager of the Pimco All Asset Fund (PASAX), made waves in spring 2009 when the stock market was hitting bottom. He noted that bonds had outperformed stocks during the previous 40 years. Investors should be wary about relying heavily on stocks, he said.Critics dismissed Arnott, saying the poor showing of stocks was a fluke. But Arnott is sticking to his guns. Speaking at the recent Morningstar Investment Conference, he retraced market history and argued that stocks could fare poorly in the coming decades. "The idea that stocks beat bonds by 5% per year is simply not true," he said.
Diversify Beyond Stocks, Bonds, Pimco Says
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