There should have been a drastic rotation from bonds into equities

In a configuration where: Long-term interest rates have been significantly lower than growth rates; The dividend yield has been significantly higher than long-term interest rates, There should have been a drastic rotation from bonds into equities (we look at the United States and the euro zone) . B ut this rotation has not taken place. Why? Investors are wary of the capital gains or losses associated with holding equities, due to the high variability of share prices; Prudential rules restrict the holding of equities; The growing number of risks (geopolitical, economic, etc.) discourages the holding of equities. But it should not be forgotten that logic would usually see investors switch massively into equities.