According to a study referenced by Dave Rosenberg, U.S. Consumers have their assets allocated accordingly:
34% Real Estate
9% personal property (durable goods)
8% Corporate/Muni fixed income
This represents roughly $53 Trillion in assets. Not much yield, huh! Liquidity is also a potential issue. Many investors consider 16% cash to be money on the sidelines waiting to be invested but I've noted before that several studies have shown that that money never does come off the sidelines. Instead, investors will alter their "investable" allocations. This allocation looks ripe for risk reduction and an improvement in yield. Rosenberg believes that suggests high quality fixed income. Makes sense.