CHICAGO - The bull run for bonds is over, and stocks aren't exactly ready to pick up the slack. That was the sentiment expressed by some of the nation's top fund managers at the 2003 Morningstar Investment Conference last month.

"A bubble in Treasurys is no longer a question for debate," said Paul McCulley, managing director at Pacific Investment Management Co., in a panel discussion. "Bill [Gross] and I have been agnostic about it. But I think you can't be agnostic anymore."

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