History dictates: the time has come to buy bonds

In 1973, the Arab oil embargo wrecked the economy and led to sharp interest rate hikes, while in 1980 runaway inflation exacerbated by another oil shock was accompanied by aggressive rate hikes by then Federal Reserve Chairman Paul Volcker. From the January 1973 peak, it took investors until 1985 to get their money back from U.S. stocks in real terms, as measured…