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Stock markets are frothy. The S&P/TSX composite index was up 18% from Nov. 2, 2020 to Feb. 12, 2021. Over the same period, the S&P 500 rose 19%. Bitcoin has breached US$50,000. Driving the market are investors who are both eager to get in on deals and fearful of missing out. As a measure of enthusiasm for stocks, the U.S. cyclically adjusted price earnings index is about 40% over its two-decade average implying a dismal expected return of about 0.3% per year. But when it comes to equities, fear of being left behind trumps fear of losses. The traditional move when stocks seem too expensive is to shuffle into bonds. Ten-year Government of Canada bonds recently paid 1.0%. In the U.S., the 10-year Treasury yield hit 1.2% on Feb. 12, the result of selloffs and a steepening yield curve. Thirty-year Treasury yields hit 2.0% the same day the highest since February 2020. The five-year to 30-year spread was 152 basis points, the highest since 2015. ....