That is quite right, the philosophy after the depression changed to "stock should yield more than bonds of the same company, because of the risk associated with equities". That psychology changed to Bonds should yield more than stock because of the appreciation potential of the enterprise". One would think that after the wave of bankruptcies over the last three years, the old philosophy will come back, well not yet, if this is a bull, it is just a cyclical bull and the secular bear is young, maybe investors need to be hit hard three times before rationality returns...
Zeev
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