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Takeaway: Global bond yields continue to make all-time lows as equity markets get drubbed. Got #GrowthSlowing?

Boom-Shaka-Laka: Bonds Shellacking Stocks - stocks. bear in the woods 01.06.2016

Don't believe the permabull stock market hype.

Take a look at global equity performance over the past year. It's been dismal.

Boom-Shaka-Laka: Bonds Shellacking Stocks - equities 7 7

...but there's always a bull market somewhere. 

Have you been long the Long Bond (TLT)? That's been our Macro team's biggest call for well over a year now. It's worked out well for our subscribers The 10yr Treasury yield continues to fall with its global peers as growth continues to slow. And that's generated significant returns for investors.

Take a look below at a chart of 10yr yields around the world (indexed to 100 on 7/8/15).

Boom-Shaka-Laka: Bonds Shellacking Stocks - bond yields 7 7 16

In other words, the effervescent hope that equity markets are "so cheap you simply have to buy now" hasn't come true. 

We're sticking with "expensive" Long Bonds.