Hi Kunal, naturally we agree that bonds have become far less useful in asset allocation, but are not sure that this implies that investors will allocate more to equities, especially elderly ones that depend on their savings for their livelihood.

For example, global pensions funds have not changed their bond allocations from 2000 to 2020, despite US 10Y yields declining from 5% to below 1%. Please see the chart "Global Pension Asset Allocation" in this article:

https://blogs.stage.cfainstitute.org/investor/2020/06/22/no-longer-supe…

Furthermore, despite all the technological improvements, productivity growth has been slowing for decades:

https://www.brookings.edu/research/the-productivity-slump-a-summary-of-…

https://blogs.worldbank.org/developmenttalk/broad-based-productivity-sl…

Best regards, Nicolas