[7Figures2Commas]

> 6% returns in a ZIRP environment are actually quite fantastic.

You can find yields substantially higher than 6%. There are mortgage REITs that have yields well above 10%, and there are plenty of closed end funds and MLPs that yield better than 6%. Ditto for preferred shares.

Really want yield? MORL, a leveraged ETN that tracks the Market Vectors Global Mortgage REITs Index, has a current yield of around 20%, and CEFL, a leveraged ETN that tracks the ISE High Income Index, sports a similar yield.

Investors today are not challenged by a lack of yield but rather appropriately priced risk. In most cases, today's yields do not adequately compensate for risk. The "6% returns in a ZIRP environment are actually quite fantastic" mentality is going to cause a lot of investors a lot of pain. Chasing yield and ignoring risk is a game very few people win.