One point the author failed to consider: You’ve got 25% of global GDP coming from nations still sitting at 0% nominal rates - ECB, BoJ, SNB, etc. You’ve got 75% of global GDP coming from nations basically still sitting at 0% real rates - Fed, ECB, BoJ, SNB, Canada, Australia, etc. You’ve got an S&P 500 trading at around 15x forward earnings which is about a 6.5% earnings yield. The point? Assuming we aren’t about to get hit with a massive recession, stocks are still more compelling than treasuries at these levels.