From the January 2006 issue of Investment Advisor • Subscribe!

Behind the Numbers, with Gary Shilling

he least optimistic of our panelists about the stock market and sees a possible bear market in the offing for this year. "My long-term favorite for 25 years has been long Treasuries," he says. "I've never looked at these as a question of safety, I look on them as appreciation." But whatever his bias toward Treasuries, he's still holding onto a substantial amoung of cash and expects the Fed to "keep raising rates until something happens, that's their pattern....Until all this starts falling into place, I'm not sure I want to be flat out in long Treasuries."--Robert F. Keane

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