Larry Fink still thinks bond yields will go above 5% and that inflation will be sticky.  He thinks, eventually, corporate and pension funds will sell equities and buy long bonds to more easily match liabilities.

Discoveries in AI, robotics and health will be the next opportunities.  This is also allowing us to “recalibrate” away from China.  If people are living longer, locking in 7-9% returns for 10 and 20 years will provide confidence and dignity into late life.

However, Mr. Fink is optimistic about the future and thinks one should invest at least 80% in equities.

Is Mr. Fink suggesting bond yields will go up to 7 – 9%, or is he suggesting the public private partnership bonds will yield these returns?  The former would be extraordinary.