The Great Migration Out of Bonds
Hey trader, A colleague messaged me this week with a question a lot of people are quietly wrestling with. He couldn’t reconcile the list of problems stacking up in this market with how strong equities have been. His list ran long. Off-balance sheet risk in the AI buildout, geopolitics, oil, inflation, and total US debt all sat on the negative side of his ledger. My answer took three words. Wall of worry. In this article, you’ll see why that wall shows up in every bull market and why it rarely stops one. I’ll show you the capital migration pushing equities higher while bonds sit in a multi-year bear market. You’ll also get the exact framework I use to weigh the positives against the negatives before I size a position. Bull Markets Are Built On Discomfort Stock investors spend roughly 80% of their time below their previous peak in wealth. Only