[pezzana]

> Surveying the landscape, it seems likely that if there is a bubble that it is not in equities but rather in credit. In an environment where low single-digit positive inflation is widely expected by market participants, how can it be rational for “investors” to buy long-term bonds with negative yields? ...

It can be rational if investors believe that interest rates are headed even lower. When that happens, bond prices will appreciate still further. There is no limit, technically, to how low long term treasury yields can go. Therefore, there is no upper bound to treasury prices.

The thing about bubbles is that at the top few are calling out "bubble." Instead, every bear whose mind can be changed has thrown in the towel and joined the party. It's all about how the old rules don't apply anymore. A new paradigm. The only voices of caution are the parma-bears with their tinfoil hats. They will eventually be right, but will have missed booking profits during the entire insane event in the process.