Agree on valuations, but I think you're early. However, the public is re-engaging, so I think the clock is very much ticking. On bonds, I just can't say. I don't think organic growth is all that strong, one twice-revised (for different reasons) GDP number notwithstanding. Kind of like the one negative print in 2011.
As for the market - I just can't believe valuations will get much higher in the US - the only way I see another big year is:
1) another stock bubble
2) big profit surge
lord I am hoping for the second.
I am selling some US and buying emerging markets and cheap global countries - Ireland, Spain, Italy, Argentina, Russia, China, Israel. I can't get excited about the US at these valuations. I would guess a 6% return for 2014, but that is worth nothing.
And with my own money I bought a 5% position in TBF - I have to believe long term interest rates will rise.