[Goldman Sachs cautiously views long-term bonds, saying volatility may increase further] September 17th, Goldman Sachs Group strategists said that although the recent sell-off has pushed up yields and enhanced the allocation value of bonds in multi-asset portfolios, investors should still treat bonds with caution. Strategists Christian Mueller-Glissmann and others said in a report that the past five years have been one of the worst periods for bond performance in a century, but sharp rises in yields are making bonds more attractive. The average global government bond yield rose to its highest level in 19 years this week. “We believe strategic bond allocations are warranted to return to more ‘normal’ levels, but whether to be overweight long bonds at this time remains complex from a tactical perspective,” they wrote. The recent sell-off in bonds has attracted some large investors. JPMorgan Asset Management's Bob Michele said on Wednesday that his team has begun buying long-term U.S., Japanese and Australian bonds, believing that the current price is "just too cheap." Goldman Sachs maintains its view of overweighting stocks, neutralizing bonds, and underweighting credit bonds in its asset allocation over the next 12 months.