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AND as this bear has shown, no investment can beat Treasury bonds when it comes to protecting one's portfolio in a downturn.
"Our goal is to beat Treasury bills by 51/2percentto6percentrcent a year, which is about 10 or 11percentt in the current interest-rate environment," Mr. Jump said.
Robert J. Barbera, chief economist at ITG/Hoenig, argues that it is not hard for stocks to beat Treasury securities from here and once many investors figure that out, the selling to get out of bonds should push Treasury yields higher, and prices lower.
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