As portfolio managers set their investment compasses for 1994, many say the needles are pointing toward equities and away from fixed-income instruments.

Realizing that they will be hard pressed to match the stellar performances in the U.S. bond market this year, many money managers say they are shying away from fixed-income investments and putting their money into equities. They argue that stocks will offer a better rate of return than securities backed by the U.S. Treasury and corporations.

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