Retail investors are dumping long-term Treasuries: The 20+ Year Treasury Bond ETF, TLT, has seen -$15 billion in total outflows since September 2024. Over the same period, the 0-3 Month Treasury Bond ETF, SGOV, has attracted +$57 billion in inflows. This comes as long-term Treasuries are experiencing their worst bear market in history. During this period, TLT has declined -9.1% while SGOV has gained +6.9%. Over the last 6 years, TLT has lost -39.7% of its value while short-term Treasuries are up +18.7%. Meanwhile, the 30-year Treasury yield is up to 4.98%, approaching 5.00% for the first time since September 2025. Long-term bonds have become extremely unpopular.(The Kobeissi Letter)