Get out of bonds and into shares: Pain
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Pain, speaking at the recent Perfecting Investment Portfolios conference, believes economic conditions have changed much in the past year that investors need to adjust their portolios to benefit from what is happening.
His key premise is that the global economy is in a strong recovery mode and equities are the place to be. "Equities are a call option on growth," he says.
"In the next five years we are going to see a rate of growth, the greatest any of us have ever seen."
In the United States is finally truning the corner there has been a series of good economic numbers showing that the world's largest economy is through the GFC and growing again. He sites house and car sales along with improving business and consumer confidence as data that supports his position.
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