In the past, when confronted with uncertainty and market volatility, investors have fled to bonds. However, the quiet, slow decline of bond yields over the past few decades has made this alternative strategy particularly unappealing.
A recent research note from equity income specialists Miller Howard Investments illustrates just how difficult the environment has become for fixed income investors during the past three and a half decades. During this period, between 1982 and the end of September 2019, the yield on the 10-year Treasury declined from nearly 15% to under 1.7%. The...

