Today’s Chart of the Day from Michael Gayed, @leadlagreport on X, shows the decline in the price of stocks and bonds going back to the Great Depression. If you include the -45% drop of long-term US treasuries that began three years ago in August 2020, you'll see this event is the fourth largest price decline in history and is only dwarfed by the Great Depression, Dot.com, and Great Recession. In August 2020, someone might have been unlucky enough to buy and lock into a 1.2% yield for the next 30 years vs. the current yield of 4.7%. The odds seem against this being a good investment, but 27 years is a long time, and a lot of things can happen along the way. We’ll only truly know if the bond was a good or bad investment when it matures in 2050.