On an annual basis, a record $363.8 billion went into corporate bonds.

If the spread is smaller, the portfolio moves into bonds.

When interest rates are high, this cash goes into bonds.

"On the day they turn 60 or 65, these investors sell all their stocks and throw everything they've got into bonds," he said.

"You've probably seen as much money going into bonds as you will for some time," he said.

Q. You don't put a lot of client investments into bonds.

Many of the dollars they got went into notes and bonds, pushing prices higher.

At the same time, no new money is expected to go into long-term bonds, he added.

Americans were challenged to put at least 10% of every paycheck into bonds.

The move into bonds continued a trend that began in 2001.