An excerpt from Rational Dissent Episode 007 (full episode below): Alex Malitas examines why investors might hesitate to accept fixed Treasury yields around 4.75% to 4.80% by evaluating three competing asset classes. Stocks offer comparable starting yields but include the potential for future earnings growth, while cash allocations provide solid returns while preserving liquidity. Additionally, direct lending offers a significantly higher 9.50% yield for those willing to accept more risk, raising the question of what will eventually drive genuine buyer demand for Treasuries again.(Jim Bianco)