Societe Generale has some research just out comparing holding CASH on deposit (now considered 'loans' to the bank), 10-year BONDS (loans to indebted governments), and EQUITIES (say what you will....this is gambling, look at the attached chart) from 1953-2013.
Also attached is a screen capture of Steve Liesman comparing assets.
Both examples suggest that "return ON capital" in this ZIRP and NIRP environment might be less important than "return OF capital."
- Of course, everyone's time horizon and risk tolerance differs...........
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