Certainly markets aren't 100 percent efficient, if they were I wouldn't be a trader! However a ton of pretty rigorous statistical analysis has been done on the subject of risk adjusted returns across asset classes and the gross inefficiencies are only really there at extreme inflection points like crashes and then only for short time periods. Obviously smart well meaning people like you and I could discuss the intricacies of this for days and there probably really isn't a "right" answer. You may very well be right and stocks are currently providing risk adjusted returns higher than bonds at the moment. To my previous comment, selling OTM put options may also be legitimately producing risk adjusted returns higher than bonds (research says they routinely do on S&P500). My point is just that you can't compare "forward yield" to a treasury yield as if they're apples to apples the same thing, and even if there is a risk adjusted return disparity it still might not be appropriate to take advantage of it given the risk appetite of the OP. The St. Petersburg paradox is interesting reading on this subject if you're not already familiar with it.