Top fund manager Steven Romick says the Federal Reserve’s “grand experiment” of propping up asset values will have “severe ramifications” for investors. Romick tells Morningstar that the Fed is trying to manage risk assets too much, and has simply transferred private debt to public debt. Romick says Treasury bonds are “one of the worst investments out there”, and that many investors who’ve piled into them will get hurt when interest rates rise. He also talks about profit margins, and why there may not be a reversion to the historical mean on that front.