Kate Welling does great interviews. (I spoke with her in June of 2009). A few weeks ago, she interviewed Michael Belkin, who is not well known to the public, but is widely respected by the institutional side. To understand why, see our Quote of the Day from July 29th, 2008.

Belkin points out that, despite what so many people claim, following the freefall last year, the bubble is not in stocks. And as we have shown previously, after major secular bear markets, you should expect a substantial bounce.

The bubble, Belkin argues persuasively, is in bonds. QE policies driving rates to zero percent, and despite the low rates, investors have poured cash into bonds.

Here’s a brief excerpt:

Where my views are probably different than what some of the higher profile...