Caution prevails; invest in government bonds, says Merrill Lynch GWM

While Dugan advised that a Merrill absolute return fund would allocate up to 25% in equities that have a distinctive Western European or China flavour, he offered caution to those wooed by the snap recovery in equity markets that followed the depression in the 1930s and in 1974. "The 60% returns in the years that followed these recessions will not happen this time round because of deeper structural concerns from this crisis," says Dugan.

Maintaining his cautious outlook, Dugan suggested that thos

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