This column originally appeared on Real Money Pro at 8:31 a.m ET on March 14.NEW YORK ( Real Money) -- Last night, I was on "Fast Money" with Michelle Caruso-Cabrera, Guy Adami, Brian Kelly, Hedgeye's Keith McCullough and Karen Finerman. I addressed the end of the bull market in bonds. Let's go to the tape! Michelle started by saying that this call could be an epic one. My view is that bonds, which were known as "certificates of confiscation" 30 years ago, could again be called confiscatory. I started by giving a perspective on the bond market. Bonds have returned close to 50% since the beginning of 2010 and, over the last 40 years, have lost over 5% in only four years: 1987, 1994, 1999 and 2009. Stated simply, bonds are no longer risk-free assets; going forward, they are return-free assets with a lot of risk. I cited five reasons for the end of the bull market in bonds:
- diminished flight to safety;
- flow of funds out of bonds and into stocks;
- recovery of confidence;
- rising inflation; and
- the failure to address the U.S. fiscal imbalances (specifically, Europe has made progress, as evidenced by lower sovereign debt yields and rising markets).