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PIMCO said they had five "secular....>

US TSYS/STOCKS
US TSYS/STOCKS: PIMCO said they had five "secular asset allocation conclusions:
Reduce risk amid richer valuations and removal of central bank accommodation."
They add also that "US Treasuries are still attractive defensive assets as the
New Neutral anchors rates." 
- They urged to "expect better equity returns outside the U.S."
- They also added that "as credit has turned to the rich side of fair, focus on
active management and security selection." They urged too to "continue to favor
securitized debt, again with an active approach."

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