Top fund manager Steven Romick says he’s not finding much value in many categories of bonds these days, and is finding stocks to be offering better relative value. Romick tells Morningstar that long-dated bonds and high-yield bonds are both looking unattractive, and largely not worth the trouble. He is finding value, however, in “old-school” tech stocks like Microsoft and Cisco. All in all, though he thinks stocks are looking better than bonds, he’s not overly bullish — he’s been holding upwards of 30% of his portfolio in cash recently.