Calling the death of bonds (and missing) again

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Santelli: Rates not coming down

Despite numerous Wall Street proclamations that its demise is near, investors refuse to buy into the notion that the bond bull market is dead.

Strategists like to talk about how the 6-year-old equity run is the "most hated bull market ever," but don't talk as much about all the derision hurled at fixed income. The past several years saw multiple predictions of the "Great Rotation" of money from bonds into stocks, but it's turned into arguably the worst market call of the decade.

The year 2015 alone has seen more than $117 billion in investor cash flow into bond-based mutual and exchange-traded funds, according to respective tallies from the Investment Company Institute and TrimTabs. Equity funds have lagged that total significantly, with stock-based ETFs actually losing nearly $30 billion and global equity mutual funds pulling in just $23 billion, a number that includes $22.2 billion in losses to U.S.-based funds.

Some of the Street's biggest names, though, have been declaring the death of bonds—again. Recent sharp upticks in U.S. and German bond yields have fueled the fire.

Warren Buffett called bonds "severely overvalued" last week. Leon Cooperman at Omega Advisors also used the term "overvalued" and Pershing Square's Bill Ackman, in a televised interview, said he doesn't like fixed income as an investment class.

Bill Gross, of course, made headlines recently when he tweeted that German bunds are "the short of a lifetime."

If this all sounds familiar, it should.