Rathbones' Coombs: yield 'feeding frenzy' is biggest investor risk

Coombs (pictured) continues to favour equities over bonds, but with some tail protection to counter events that have a low probability of happening, but would have a high impact on returns if they did occur. But he said there is a "dangerous degree" of complacency among investors that could end with them losing money. "There is a dangerous degree of complacency in the market, and a feeding frenzy for yield," he said. "When you see investors leap on BBB-rated bonds with negative real yields, something somewhere is very wrong. There seems to be very little protection against exogenou...