Bond allocations had increased by more than could be explained by the increase in bond prices over the course of the year.

同时资产配置中的债券投资比重,以高于当年债券价格上涨的速度,有了显著增加

耶鲁公开课 - 金融市场课程节选

Of course, the money had to come from somewhere, so bond allocations were at a fifteen-year low.

当然投资股票的钱不是凭空变出来的,于是债券投资所占比例跌至15年来最低

耶鲁公开课 - 金融市场课程节选