When equity managers sound like bond managers

As a rule of thumb, equity people are optimists and bond people are more sober. Equities is about upside; bonds are about avoiding defaults. So it is strange when equity fund managers sound cautious about their asset class, and when bond fund managers seem relaxed – especially given the conventional wisdom that rising interest rates are bad news for bonds. But that is what interviews by AsianInvestor with portfolio managers in the United States has found. This is not because bon…