"This is a 35-year trend change in bonds. We think it's just begun," he said Monday. "We would encourage investors to consider that 1950 period, the last time bond yields went up. It took a while to go from 2% to 5%, but the trend was up and you stopped making money on the long side of the bond trade. That's where we think we are right now."

Source: Los Angeles Times April 23, 2018 19:18 UTC