Would investors been better off owing long term US Treasury bond than owning common stocks? If we ask a question “Which investment, large-cap US stocks represented by S&P 500 index and long term US Treasury bonds (20-year maturities or longer) provide a better return over last two decades or which investment choice investors taken have better chance to be ahead?”, to a regular investor or even an investment professional, most likely we would get the answer, “Stock market, of course.” It is reasonable and expected as the U.S. stock market has gone through the longest bull market run in history, and the domestic stock market just registered the 10th anniversary from the bottom of 666 S&P 500 index point on March 9, 2009. Since then, the S&P 500 index has quadrupled as of the Q1 (=2834/666), we have witnessed the rising of new internet giants, like FB and NFLX. The stock market has made many investors happy if they started to accumulate the positions and stayed the cours...