David Jane: Cling to quality or swim with the sharks?

While it is easy to focus on recent new highs in the US equity market, one of the big stories this year has been the scale of the move in the government bond market - particularly recently. The shift in central bank policy from gradual normalisation back to full on easing - or at least the market's expectation of easing - has led to a huge fall in bond yields across the board, meaning positive capital returns for investors but leading to lower yields in the future. The degree to which yields have fallen recently is evidenced by the fact that $12.5 trillion (£9.95 trillion) of bonds no...