From the May 2005 issue of Investment Advisor • Subscribe!

Behind the Numbers, with Gary Shilling

Economist and advisor Gary Shilling has never been afraid to chart his own course, as this month's allocation aptly demonstrates. "I think we're looking at a situation where we're going to see slower growth and earnings that are probably not going to be adequate to support stock prices even at current levels. I just think the upside in stocks is pretty limited and we may in fact be in a new bear market here," he explains. "Obviously, cash doesn't pay a lot, but if you look at these three categories, I still think that bonds are going to do better than stocks, but with the Fed raising rates I don't think you've got a screaming rally in Treasuries."--Robert F. Keane
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