Stocks as Bonds

"I've saved forty two grand, and it's in T-bills earning interest."
--Ophelia (Trading Places)

With interest rates in secular decline, it was only a matter of time before yields on stocks would begin to challenge yields on bonds. That time kicked during the credit crisis when interest rates were forced lower by the Fed.

Now, ten+ years later, about 80% of the stocks in the S&P 500 yield more than T-notes.

In an era of financial repression, dividend-paying stocks start looking like bonds.