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.
These yields on treasuries are stupid.
I do own munis in my personal account, but am short treasuries in my trading accounts.