BoA: Dump Stocks Buy 'Real Assets'

It’s time to buy real assets according to Bank of America Merrill Lynch’s chief investment strategist Michael Hartnett.

BoA: Dump Stocks Buy ‘Real Assets’

According to Hartnett and team, the case for the purchase of real assets has never been stronger. Since the great financial crisis, action by central banks has pushed up the prices of financial assets to the stage where they are more expensive in relative terms than any other point in history (in this case ‘history’ means back to 1926 when the data starts).

The ratio of US stocks to US house prices is a perfect example of this trend. US stocks are very close to all-time highs...