So much for that great rotation.
A year ago, as the U.S. economy started to pick up steam, there was a roaring consensus that the heyday for bonds was coming to an end. Stocks, strategists said, were where the big money could be made.
There’s no question that it worked for a while. Investors who bought that theory made some big bucks, especially if they invested in U.S. equities. The S&P 500 is up about 20 per cent in the past year.