Oakmark’s Clyde McGregor, who manages several funds with strong long-term track records, says his equity/income fund is tilted strongly toward equities, with fixed income offering few good opportunities.  McGregor says his Oakmark Equity & Income Fund is 70% invested in stocks right now, near its maximum of 75%. “It’s very difficult to do anything creative today on the fixed-income side, in our opinion, that does not increase risk materially,” he says. He thinks people are “overpaying for income” and thinks the “flight to safety is meaningfully overdone. We don’t think that the conditions in the world are as grim as these kinds of actions would suggest.”