Bill Miller on the Classical Value Portfolio (Podcast)
Masters in Business
00:00
Bonds Are as Unattractive Now as Stocks Are
The current yield on the S&P 500 is about three times the yield on the 10 year treasury. The data shows that interest rates have been falling in real terms for 800 years. I think bonds are as unattractive now as stocks were in September of 1987 when the then 30 year yielded 9% and the stock market yielded 2.8%.
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