Hancock is telling clients that bond funds very rarely outperform equities over a decade, as they did in the 10 years ending in March 2009, and have never done so in consecutive 10- year periods.
Businessweek has an article that discusses the "past performance" based decision making behavior of an average investor. Of course naming Bill Gross in the caption helps with the popularity.
On a related note, I am completely fascinated by these topic because I am starting to actually understand them. Thanks goes to the accounting, economics and finance professors at the McCombs school of business.
The march 2010 investment outlook column by Bill Gross is a great primer to understanding macro-economics and finance (http://goo.gl/5oCX). Isn't it ironic that we struggle in the US at a micro level to convince companies that leverage is good (why isn't microsoft taking more debt?) BUT at the macro level we are deep doo-doo because of extreme leverage as a nation.