Are managers calling end of 30-year bond bull market too early?

End of 30-year run

Bond markets have sold off aggressively in the past few months. The election of President-Elect Donald Trump is seen as an antidote to 'secular stagnation', that will provide a reflationary boost to both the US and the world economy, writes James Penn, senior portfolio manager at Thomas Miller Investment.

Accordingly, a number of market participants are anticipating the end of the 30-year bond bull market. But is that judgement premature?  In truth, it has been a difficult time for bond market investors brought up with a certain number of precepts: be careful about long duration bonds, buy bonds below par, take profits because another interest rate cycle, or inflation, is always around the corner.  Those strategies have not worked so well over the past eight years. Yields have tended to fall to ever new lows, even though we are many years past the financial crisis, and central bankers ...