For almost 7 years, asset-gatherers and commission-takers have exclaimed “There Is No Alternative” to stocks, given how low interest rates are. However, given the recent buying-panic in stocks, TINA is now dead BAB is back (Bonds Are Better)…

In a sign the U.S. equity rally may be looking stretched, Bloomberg notes that the forward dividend yield on the S&P 500 has dropped below the return on Treasuries for the first time since 2011.

Shares in Europe and Japan, by contrast, continue to yield well above their equivalent government bonds.

Here’s what happened the last time the spread between Forward dividend yields and treasury yields was this wide…

To make matters worse for income investors: the Bank for International Settlements warned in its recent quarterly review that U.S. stock valuations are looking “frothy” and dividend growth may slow.