From a large commentary from Doug Kass, found at TheStreet.com:
It remains my contention that it will take relatively large losses in bond funds to bring back the individual investor into equities. But this is likely coming — it almost always occurs coincident with higher stock prices — and when it does, one of the greatest reallocations out of bonds and into equities will commence.
Mr. Kass discusses also the flow of funds and many factors that he believes are impacting prices. It’s a nice piece because it hits most of the talking points that clients ask about.