For the last 18 months we have been inundated with asset-gatherers explaining that stocks are cheap and investors should by them for they yield advantage over Treasuries. However, that 'meme', like most others once it disagrees with the "Always Be Buying Stocks" thesis, has been ignored recently. At current levels, 10Y US Treasuries offer a 70bps yield advantage over the S&P 500 - the highest in 2 years (that is a 32% yield advantage over 'the most levered equity market ever'). Tapering 'rock' meet 'leverage-unwind' hard place...