From The Wall Street Journal

I find this quote just amazing. 

It implies that the most investment managers believe that stocks do not have a place in a well-constructed portfolio.  The author finds it necessary to remind readers that ownership of stocks is not evidence of an unhinged, reckless investment strategy.

Whether or not most investment managers believe this is true is another story.  However, the fact that such statements are popping up in the press is evidence of how fearful investors have become regarding stocks.

Which is, by the way, bullish, at least over the long-term.