Top fund manager David Winters says the bond party is over, and investors should key on stocks going forward. Winters tells Bloomberg that low-coupon debt is “going to get crushed”. He says that if investors do own bonds they should be short duration. Equities, meanwhile, essentially have the ability to raise their coupon, Winters says, because their businesses and earnings can grow. He says investors continue to stay in bonds even though fundamentals are against them because of the crowd mentality. “The crowd is comfortable,” he says. “The crowd wants to party like it will never ever end. It’s very very hard for people to think independently, and to realize that it’s getting tougher [for bonds].” Winters says that many good stocks are now available with dividend yields that are higher than bond yields.