### Comment:
Nah, check nasdaq’s performance over the last 40 years. Easily 12% including the 80% drop in 2000.  
  
 The point is: if people don’t switch to bond back when yield is much higher, why would they do it now?

### REPLY:
source on that? I can't find anything.  Best I can see is QQQ returns which only go back to 2000 and show a 4.6% CAGR.

### END.