Not at all! I think paper is an excellent investment. So is wood, steel and coffee. Just kidding! I know what you are driving at. It’s just that I believe in market cycles, because there is a season for every asset. Recent studies have shown asset allocation as crucial to portfolio success. Clearly, just being in the right market at the right time is more important than which particular brand of asset you buy. I believe the season for paper assets has passed.Given the size of the US debt, with the availability and safety of bonds, why shouldn't investors buy bonds? Some people miss this important point: supply and demand dictate value. Sometimes I feel like a preacher in the Supply and Demand religion. This equation will determine the actual value of money, and with endless supplies of debt, an equal supply of notes will follow. As these notes compete for goods and services, prices will rise. Bonds will ultimately be repaid with dollars that are worth substantially less than those loaned . The time to buy bonds is when interest rates are falling (as in the early eighties). Conversely, the time to buy tangibles is when interest rates are rising, (like they were in the late seventies). As things are perking up, one should take note of the conditions around the financial markets. If you think interest rates are falling, buy bonds- but if you think rates are rising, start moving! Asset allocation is key. Being in the right market at the right time is the essence of financial success.