(Bloomberg) -- Michael Sonnenfeldt doesn't mince words: "There is no safety in safety," the founder of Tiger 21, a network of "ultra-high-net-worth" investors, said.

"All of the historical places you could get safe income from — dividend-paying stocks, bonds — they've all been bid up because of quantitative easing to the point where it's just trash." Assets that include Treasury notes, high-quality dividend stocks, and low-volatility mutual funds have all seen spooked investors rush into their supposedly safe embrace. Sonnenfeldt and others argue that has transformed them.

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