Street Sense: Treasury Bubble

I was a young stock trader back in the mid-1990s, cutting my knuckles on the daily grind trading tech names, such as AOL, now a unit of Time Warner(TWX Quote), Yahoo!(YHOO Quote), RealNetworks(RNWK Quote), Microsoft(MSFT Quote), Cisco(CSCO Quote), eBay(EBAY Quote), InfoSpace(INSP Quote) and Cnet, a unit of CBS(CBS Quote). As you may know, that was a time of incredible price action and low volatility. There wasn't much of a fear of stocks going down, and I took advantage.

I made a ton of money in those years. Mind you, let's not mistake luck or timing for being smart. I was in the right place at the right time, encapsulated in the huge tech bubble, but which imploded just after the new millennium. And yes, I felt the pain of the decline.

I bring this up as we are now in a massive bubble called Treasury bonds. The supply of bonds out there is large, and it's only going to get bigger and bigger. ...