Yesterday, I asked if Bonds Resemble Dot Com Stocks?. The night before, I mentioned it on Fast Money, so I got to beat a few others who wrote it up. (Note that mine is a nuanced view, and not a full bubble claim).
I could not help but be amused by who is — and is not — in this camp:
In the full blown bubble camp are Nassim Taleb, Doug Kass, Jeremy Siegel and Jack Crook, Fortune and Smart Money; Disagreeing with this notion is Brad DeLong and Pragmatic Capitalism; Minyanville is somewhat ambiguous, as is Zero Hedge.
In the Bonds are attractive in a deflationary environment are David Rosenberg and Gary Shilling;
According to the latest Commitments of Traders data, net positions in the 10-year and the long bond do not appear to be at extreme levels. Large Speculators are still net short both of these markets.
Bonds have been in a 30 year bull market, ever since Volcker broke the back of inflation; The 10 year peaked in Fall 1980 over 15% yield, today they are at 2.6%.
10 year Bond, 1980-2010
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.