---
title: "When bonds out-yield equities: the return of competition for capital"
description: The S&P 500 earnings yield has fallen below Treasury yields for the first sustained period since the dot-com era. Does this mark a new regime for equity investors?
---

[Slow food for thought](https://blog.syzgroup.com/slow-food-for-thought)

# [When bonds out-yield equities: the return of competition for capital](https://blog.syzgroup.com/slow-food-for-thought/when-bonds-out-yield-equities-the-return-of-competition-for-capital)

 Written by [Florian Marini, CFA, CMT](https://blog.syzgroup.com/slow-food-for-thought/author/florian-marini) | Jun 24, 2026, 7:35:15 AM

<https://blog.syzgroup.com/hubfs/Focus_260624_BondsOutYieldEquities.pdf?hsLang=en><https://blog.syzgroup.com/hubfs/Focus-Changing%20investment%20preferences%20from%20boomers%20to%20GenZ-31.08.23.pdf?hsLang=en>

[View full post](https://blog.syzgroup.com/slow-food-for-thought/when-bonds-out-yield-equities-the-return-of-competition-for-capital)

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