Any TV news organization would rather cover a train wreck than an on-time arrival at the station. But CNBC's constant denigration of the equity market begs a question: why on earth would the cable network do their level best day in and day out to scare viewers out of the markets that they covers?
If investors can correctly pinpoint the real reason behind these low sovereign debt yields, they will also be able to find a great parking place for their investment capital to weather the upcoming storm.
There is no doubt that "defensive" equities have increasingly become substitutes for bonds, especially for yield-starved investors. However, we are now seeing that there is danger in taking this approach to the extreme.