In 2009, mutual funds netted a total of $377 billion, with $357 billion, or 95% of that going to bond funds. Outflows from U.S. stock funds were $25.7 billion.

With earnings off long-term government issues so low, investors are likely to continue to march into high-yield, long bonds, warns Tobias Levkovich, chief U.S. strategist at Citigroup Capital Markets. And that, in essence, could create the same kind of dot-com mania that led to the market crash in 2000.

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