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Hi Dan - great to find you on this board!

Sorry for the rather late response, but I just came across this writeup with details on the minor share of fixed income in US household assets - ~6%!

David Rosenberg's bullish-on-bonds thesis does seem to make more sense if one takes this data into account.

Also, as Ritholz points out, 'the percent of treasuries plus munis as a percent of total household assets for the last 58 years... bottomed at the end of 2007 and has been on the rise since. So the argument can be made — and it’s one that Rosie makes — that although there has been plenty of supply, there should be sufficient demand to soak it up. Parenthetically, I’d note that demographics — back to that aging boomer population — lend support to the argument that demand for treasuries should remain adequate (as coming higher tax rates argue for support of the muni market).'
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