Blackrock Chief Equity Strategist Bob Doll says investors who are piling into Treasury bonds are making “ludicrously conservative” assumptions about the economy and stock market. Doll says that, with about half the stocks in the S&P 500 now yielding more than 10-year Treasuries, investors are assuming that the market won’t rise over the next decade, and/or that no companies will raise their dividends in that period. He says that he’ll take stocks over bonds all day long if he can hold them long-term. He sees the S&P 500 as being in a volatile trading range of 1100-1250, and says he doesn’t expect the U.S. to enter into a new recession.