Sponsored Content By guest contributor, Brandywine Global Stock indices are meritocracies. The biggest companies in the S&P 500 made money for investors, achieved profitability and growth and rose to positions of respect and prominence. Fixed-income indices are the opposite of meritocracies - the countries with the largest allocations in capitalisation weighted, global fixed-income benchmarks achieved that status by being the most indebted. They ran the biggest deficits and were the...