Exactly. I have an article on my desk from September 2002 in which he predicts a Dow of 5000. I'm not saying it won't happen. Even a stopped clock is right twice a day. But let's keep in mind how money flows between stock and bond funds enrich the managers of these funds. With the 30 year treasury bond at 4.8%, are we going to see 4%? 3%? 2%? Are you going to be paying the treasury interest just to hold on to their bonds?
The bond market today reminds me of the tech bubble in 1999. I cautioned my clients then and I caution my clients now as they pour money into bonds. There may be reasons to own them, but capital appreciation is not one of them.