John Pattullo explains why he is skeptical of a "great rotation" given the weak economic background. He explains why a respectful attitude towards the gilt market has helped the funds he co-manages avoid being caught in a short squeeze and draws parallels with Japan where bond yields are still falling in spite of a reflationist prime minister. He also discusses where value does and does not reside within the fixed income market, reminding investors that some recent developments have echoes of 2007, making stock selection all the more important.