Corporate bonds are getting some traction among investment professionals these days. Randall Eley of the Edgar Lomax Company takes the argument a step beyond, and favors putting money back into large-cap stocks.
"You can buy the S&P 500 just about on a bond basis," he told CNBC. "You have a dividend yield of 4 percent, which is more than the 10-year Treasury note at this point."
He even sees an advantage over bonds, if the current pumping of federal liquidity triggers hyperinflation: "Stocks will generally give you substantial inflation protection," he said. "Bonds won't."
Among large-cap stocks, Eley's picks are International Paper, Chevron, and Dow Chemical.