[MRM]

People have lost fortunes betting the bond market will crash ever since the end of the Great Recession. Every time rates hit an historic low they somehow find aWay to go lower. This can't go on forever. Rates will have to go up someday and that will cause the bond market to crash, but when it happens is anyone's guess. The bond market had been defying gravity for almost a decade. The lesson of The Big Short is that bubbles can't defy gravity forever, but they can last longer than a reasonable person can imagine.