Gary Shilling has been a long-time advocate of bonds, and he's not changing his tune as the market heads into the new year.
Stocks, up four years running, will be trying in 2013 to extend the rally that started all the way back in March 2009. But Shilling, president of economic consulting firm A. Gary Shilling & Co., says the impending recession requires investors to be cautious about equities.
"I think you play it with a 'risk-off' kind of approach," he says in an interview with The Daily Ticker. "And that means you probably look for more appreciation in long-term Treasury bonds, which have been a favorite of mine since 1981."