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Takeaway: Macro consensus still doesn’t get it.

The UST 10YR Yield of 2.34% drives our Best Macro Idea (TLT) to a +17.2% gain for 2014 (and that’s pre dividends, the absolute return is even better). We can’t understand why macro consensus still doesn’t get the rate of return on slow-growth vs. Russell 2000 which is 0.0% YTD.

Watching too much TV, perhaps?

Macro Consensus Remains Royally Flummoxed Over Epic Move in Treasuries - TLT Chart