{"id":5984,"date":"2012-11-01T15:29:11","date_gmt":"2012-11-01T19:29:11","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5984"},"modified":"2012-11-01T15:29:11","modified_gmt":"2012-11-01T19:29:11","slug":"yield-is-the-last-refuge-of-scoundrels-seeking-alpha","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/01\/yield-is-the-last-refuge-of-scoundrels-seeking-alpha\/","title":{"rendered":"Yield Is The Last Refuge Of Scoundrels – Seeking Alpha"},"content":{"rendered":"

By David Merkel:<\/p>\n

\n

What’s that I see? We’re at a 50-year low for yields on low investment-grade-rated bonds. Surely the economy should be booming. What, like the Great Depression, we are in a liquidity trap? Seems that way…….<\/p>\n<\/blockquote>\n

\"Baa<\/p>\n

via Yield Is The Last Refuge Of Scoundrels – Seeking Alpha<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By David Merkel: What’s that I see? We’re at a 50-year low for yields on low investment-grade-rated bonds. Surely the economy should be booming. What, like the Great Depression, we are in a liquidity trap? Seems that way……. via Yield Is The Last Refuge Of Scoundrels – Seeking Alpha.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5,34],"tags":[474,2121],"class_list":["post-5984","post","type-post","status-publish","format-standard","hentry","category-fixed-income","category-economy","category-us-canada-countries-regions","tag-bond-yields","tag-liquidity-trap"],"yoast_head":"\nYield Is The Last Refuge Of Scoundrels - Seeking Alpha - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yield Is The Last Refuge Of Scoundrels - Seeking Alpha - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By David Merkel: What’s that I see? We’re at a 50-year low for yields on low investment-grade-rated bonds. Surely the economy should be booming. What, like the Great Depression, we are in a liquidity trap? 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He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. 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The CAPE10 ratio is a long-term, smoothed PE-ratio first popularized by Yale Professor Robert Shiller in his book Irrational Exuberance. CAPE10 compares the current\u2026","rel":"","context":"In "Bonds"","block_context":{"text":"Bonds","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/asset-classes\/fixed-income\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65393,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/07\/23\/the-outlook-for-gold-stocks-and-bonds\/","url_meta":{"origin":5984,"position":1},"title":"The Outlook for Gold, Stocks and Bonds","author":"Colin Twiggs","date":"July 23, 2026","format":false,"excerpt":"Key Points The primary driver of financial markets is the 10-year Treasury yield. Rising inflation expectations drive up nominal Treasury yields. A secondary driver is liquidity, which is closely related to nominal interest rates. 10-year Treasury yields are the most important rate in the bond market, signaling demand for long-term\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"10-year TIPS Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-07-23-tips.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-07-23-tips.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-07-23-tips.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":29912,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/14\/m2-and-the-pig-in-the-python\/","url_meta":{"origin":5984,"position":2},"title":"The pig in the python","author":"Colin Twiggs","date":"December 14, 2021","format":false,"excerpt":"10-Year Treasury yields broke previous support at 1.43%, warning of a decline to test the July\/August lows at 1.20%. Follow-through below the recent low at 1.34% would strengthen the signal. The Fed is likely to accelerate the taper of its Treasury purchases at the FOMC meeting later this week --\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"10-Year Treasury Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":59339,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/11\/19\/the-last-guardrail\/","url_meta":{"origin":5984,"position":3},"title":"The last guardrail","author":"Colin Twiggs","date":"November 19, 2024","format":false,"excerpt":"https:\/\/youtu.be\/qqEPiDE-Qqc?si=_dCfdgYoc2YaXLnf In the above ABC interview, Professor Nouriel Roubini said it would be interesting to watch Trump deal with financial markets: He said if Trump was \"really serious\" about 60 per cent tariffs on China, and 10 to 20 per cent tariffs on other trading partners, about sharply weakening the\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"iShares 20+Year Treasury Bond ETF","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-18-tlt.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-18-tlt.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-11-18-tlt.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":14843,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/02\/18\/bond-spreads-bullish-for-us-less-so-australia\/","url_meta":{"origin":5984,"position":4},"title":"Bond spreads bullish for US, less so Australia","author":"ColinTwiggs","date":"February 18, 2017","format":false,"excerpt":"Yield Curve The yield curve is one of the best predictors of US economic recessions. Every time the yield curve has turned negative in the last fifty years, a recession has followed. First of all, what is a yield curve? It is the plot of yields on bonds, normally Treasuries,\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55065,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/06\/29\/liquidity-warning-flag-for-stocks\/","url_meta":{"origin":5984,"position":5},"title":"Liquidity warning flag for stocks","author":"Colin Twiggs","date":"June 29, 2024","format":false,"excerpt":"Financial markets warn of a liquidity contraction that could cause a correction in stocks, bonds and even precious metals. Commodity markets also warn of a bearish outlook for the global economy. Financial Markets Bitcoin -- our canary in the coal mine -- is testing primary support at $60K. Breach would\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Bitcoin","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-btc.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-btc.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-btc.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5984"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5984\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}