Not crypto. Not AI stocks. Not real estate. What if it's the one asset every pension fund, every retiree, every "safe" portfolio is loaded with? Bonds.
The biggest bubble no one's talking about: 39 years of falling rates are over. Upper panel: US long-term bond yields from the early 1800s to the early 2020s.
Lower panel: long-term rate-of-change (ROC) indicator on the yields .
200 years of rate cycles say the same thing: Every peak lasts 56–67 years. The 1981 top was 14% yields. The 2020 bottom was 0%. 39 years of falling rates just ended. What if we're now at the start of the next 50-year cycle—upward? Most investors have never managed money in a rising rate world. Their entire career happened inside the bull. The unwind has barely started. And no one is talking about it. (August 24, 2026)
