In a myopic world defined by stocks, bonds, and cash (usually short-term treasury bills), is easy to call equities top dog. I view this type of analysis as similar to purchasing of a used car without lifting the hood to inspect the engine.
If you lift the hood, you’ll notice many of the engine parts are missing. When stocks, bonds, and cash are properly defined in constant currency terms a few things are revealed: (1) Gold has and continues to be real top dog, (2) and repetition is the key to myopic analysis and misdirection.
Headline: For Many Market Strategists, Equities Are Top Dog Again
But in 2011, strategists expect the stock market to notch double-digit gains and recommend investors boost allocations to ride the wave, whether its lower-risk consumer staples stocks or global companies tapping into emerging market supply needs.