Your broker calls and offers you a portfolio "guaranteed" to reduce your purchasing power every year.

Any takers?

Of course not. Yet that's what investors do when they "flee to safety" by dumping stocks and investing solely in CDs, Treasury Bills and other "risk free" investments.

Some of the most respected fund families have seen huge net outflows. These include stock funds managed by American Funds, Legg Mason, Vanguard and Fidelity.

Where are these investors putting their money? Mainly in Treasury Bills,...