Long a Portfolio of Stocks Against a Short Position in the Long Treasury

Bond yields globally had never been this low in the 5,000 years of history that we have about bond yields. And so what you have now is a situation where stocks yield more than bonds. The median P.E. ratio in the S&P 500 is about 17 and a half - above the long-term historic median. But miles below where it theoretically ought to be if this is the right level of bond yields.