U.S. Treasuries Might Be Wildly Undervalued. Here’s an Example. - Barron's

1. Microsoft bonds yield lower than U.S. Treasuries, reflecting lower perceived risk. 2. The spread on Microsoft's 30-year bonds dropped to a record low of 20 basis points. 3. Investors trust Microsoft as a reliable coupon payer, akin to U.S. government bonds. 4. Negative returns on longer-dated Treasuries signal potential bond market shifts. 5. Recent outflows from stock funds indicate growing confidence in bonds over equities.