Q. Last year was a great one for bond investors.

He said, though, that bond investors did not appear to share his concern.

"Now the real risk for bond investors is inflation and interest rates."

Recovery in the stock market did not seem to sit well with bond investors, however.

The exception was in Japan, where bond investors lost 1.06 percent.

They are trying to convert bond investors to this view.

For bond investors, the threat of a rate increase by the Fed is not a positive.

For bond investors there is also a question of who the next Treasury secretary will be.

And that's the way you have to be with bond investors.

The higher rates have meant slower growth and pain for bond investors.