Barclays urges investors to back equities not bonds

All investors, with the exception of maturing pension funds, should overweight equities and avoid bonds, the 2003 Barclays Equity Gilt study has concluded. Equities look extremely cheap by whatever historical barometer is chosen, the report said, noting markets are discounting a very improbable future of exceptionally slow growth and borderline deflation. Report authors, Barclays Capital head of global rates strategy Tim Bond and rates strategy director Mark Capleton, confirm 2002 saw equities trail fixed-income securities on investment performance for a third year running. The annua...