It’s hard to describe such a tumultuous year: an increasingly unresolved pandemic, growing unemployment, extreme market volatility (in both directions), with no end in sight. The stock market says clear-skies and no worries, with a climb-back of 45.5% in the SP500 from the March 2020 low, -2% year-to-date. This for sure doesn’t tell us the whole story. The rosy picture in stocks is only balanced by what’s happening in the bond market, a force significantly larger in value and