Never mind that this all-Treasuries allocation is no sure thing: some countries may decide that purchasing American stocks, real estate or entire companies makes more sense than soaking up dollar-denominated bonds.
Klingman noted that fixed-income securities currently look like buys, and Osbon identified Treasuries and asset allocation as ways to protect assets.
The Lehman Brothers Aggregate Bond index, a general benchmark for United States bond funds, has a 32percentt allocation for Treasuries.
"In addition," Mr. Fine said, "growing concerns about risks in other sectors have, at times, produced a flight-to-quality movement into Treasuries, and with asset allocations jumping around between cash, bonds, traditional stocks and particularly tech-sector equities, the markets appear to be searching for some kind of anchor in what has recently become a rather volatile financial world".
Those charged with the responsibility for judicious expenditure of the public treasury must beware of appropriate allocation of societal resources to projects of such daunting complexity.
That kind of market clout gave Pimco the ability to move markets: I remember tracking him down in the mid-1990s to confirm that he had recently made a fresh allocation to long-term Treasuries.
In February 2011, Gross put his reputation on the line with a call to investors to abandon Treasuries outright, taking the fund's allocation down to zero and advising followers to "exorcise" them from their portfolios.
Endowments that have been chasing private equity, hedge funds, real estate and venture capital but don't own Treasuries had precisely the wrong asset allocations.
He has since taken some profits on the Treasurys, perhaps a little early, cutting the allocation back to 27%.
Analysts said while shorter-dated issues benefited from a flight-to-quality asset allocation out of stocks, longer-dated Treasuries were also lifted by hopes that stock declines would reduce the need for significantly higher interest rates to rein in the still-booming economy.
He has taken profits in the Treasurys, perhaps a little too early, cutting the allocation back to 27%.
