But, but, but… who would buy bonds when they only yield 2%? It appears, for the 10th year in a row that the smartest people in the room have been totally and utterly wrong about the direction of interest rates.

As 2014 draws to a close with stocks at all-time highs and 1% of the nation cock-a-hoop at the wealth being created, we wondered just how many know that mid- to long-duration bonds are up around 24% year-to-date, almost triple the 8.3% gains for The Dow…

It'll be different next year though… right?

Charts: Bloomberg