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2018-12-25

It is mathematically impossible for investors, in aggregate, to "rebalance out of bonds into equities."

The explanation is easy. For every buyer of a stock or bond there is a seller. For every seller there is a buyer.
Someone much hold every stock or bond issued, 100% of the time.
Individual investors may take action, but rebalancing cannot and will not occur in aggregate because it is mathematically impossible.



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