The three-decade bull market in bonds may morph into a lost decade.
In the 2000s we had a lost decade for stocks, which started the period with nosebleed-valuations, thanks to dot-com mania and Irrational Exuberance. Investors who bought and held experienced crashes in 2001-2002 and in the wake of the panic of 2008. Bond investors, by comparison, saw largely consistent gains in their holdings, especially with the Federal Reserve pursuing an emergency low-rate policy for the better part of five years since Wall Street melted down.
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