In February I interviewed Bill Gross back when the Dow traded at 7,182. Gross's message? Equities are dead. Or more specifically, in light of his expectation that there would be no economic growth for the foreseeable future, there was no point in risking an investment in common stock since it stands in line behind all sorts of debt for a piece of the cash flows of a company in the event of a bankruptcy.
Interestingly, President Obama spoke to reporters not long thereafter -- on March 3rd to be specific when the Dow was at 6,726 -- and during that talk, he mentioned that buying stocks might be a good deal. Since then, the Dow has risen 21.5 percent and since Gross recommended staying away from stocks, they've gained 13.8 percent. The Dow is at 8,175 as of this writing.