"Comforted by the notion of a “central-bank put,” ...many investors have “looked through” countries’ unbalanced economic policies.The result is financial risk-taking that exceeds what would be warranted strictly by underlying fundamentals," writes PIMCO's CEO.

The universe of assets whose price will collapse in the next downturn is considerably better populated than the collection of assets whose price won't collapse. If you asked me to guess, I'd put the collapse's onset in the fourth quarter of 2014, writes this columnist, who calls himself "Prudent Bear."

White, male, well-educated, healthy and married full-time workers are more likely to have access than non-whites, women, single people, the less educated and the less healthy.

“Pension plan sponsors remain under tremendous pressure to reduce the financial liabilities of their DB plans,” said Michael Archer, leader of the client solutions group for retirement, North America at Towers Watson.

The growth ambitions of managers may not be matched by sustained investor appetite," said Art Tully, EY’s Global Hedge Fund Services co-leader said in a release.

Vanguard gathered just over $6 billion in the quarter ($60 billion YTD) to lead all fund companies. American Funds, PIMCO, Columbia and Janus all saw outflows of more than $10 billion each, according to Morningstar data.

The funds are: Fidelity Limited Term Bond Fund, Fidelity Conservative Income Municipal Bond Fund and Fidelity Short Duration High Income Fund (Advisor and retail share classes.)