美债已经避险成这样了

Core Viewpoint - The article suggests a fundamental misalignment between the high valuation of the Nasdaq at 42 times earnings and the risk-free yield of 4.2% on ten-year U.S. Treasury bonds, indicating that one of these figures must be incorrect [1] Group 1 - The article highlights a significant drop in U.S. stock markets, leading to increased capital inflow into the bond market [1] - It points out that similar discrepancies exist in the Chinese markets, specifically with the Shanghai Composite Index and the Hang Seng Index, suggesting that either one must rise while the other falls [1] - The author emphasizes that such distorted market structures cannot persist indefinitely, implying an eventual correction is necessary [1]