自2020年4月以来，美国30年期债券已下跌45%，创百年来最长的4年跌幅。长期债券处于熊市，可能还会持续数年。短期内，TLT可能比SPY更值得买入。30-year bonds have declined 45% since April 2020, the largest 4-year loss in over a century. Long term bond in a full fledged bear market. Probably going to last for multiple more years. $TLT could be a better buy than $SPY short term.