The former bond king said one-year Treasury bills are a better alternative to almost any other investments.
Bond investors are betting the Fed will need to cut rates by at least 50 basis points next year.
Ten-year U.S. real yields have soared more than 150 basis points in the past 60 trading days.
David Wright's fund of funds held less than 3% in U.S. stocks at the end of April.
History points to better returns on bonds in April, the firm's strategists say.
JPMorgan downgraded 28 Chinese stocks trading in the U.S. today, describing them as “uninvestable.”
Inflation is likely to be persistent amid ballooning government debt, billionaire Bill Gross argued.
The revised forecasts are “to account for the economic backdrop and the Fed's hawkish turn.”
The strategy has generated an annualized return of 10% since the early 1980s.
The separation is similar to Japan's split from broader Asia funds at the turn of the century.
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