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Defensive stocks safe but US bonds safer

The biggest lesson of the market crash is how S'pore asset owners will not be spared when investors flee Asia

A pedestrian with an umbrella walks past a digital screen displaying stocks index data at the financial district in Singapore on Aug 25, 2015.

NOT too long ago, the world was caught up in the "search for yield" story. The hypothesis is that developed countries with ageing populations will see slower growth, even as retirees need dividends to live on. Hence defensive yield stocks will be popular. A second leg to the story goes like this