CoinMeta data: Bonds are currently offering the best real returns in decades, with the actual yield on 30-year inflation-protected Treasurys being around 3.35%, a level not seen in decades. Jeremy Siegel, a finance professor at Wharton School of Business and chief economist at the asset management firm WisdomTree, stated that although stocks still outperform bonds, this advantage is narrowing. As Treasury yields have reached levels not seen since 2002, Siegel pointed out in an interview with CNBC that inflation-protected securities provide fixed returns above inflation, and the 30-year version has not offered such high returns in the past 20 to 30 years. According to his calculations, when the market valuation is 20 times the yield, the return is about 5% above inflation. This means that the reward for taking on stock risk is approximately 1.65 percentage points, and Siegel said this gap is narrowing. Meanwhile, the yield on 10-year Treasurys hit 5.33% on Thursday. Siegel also mentioned that the profit margins of the seven major tech giants are as high as 50% to 70%, while those of non-tech companies are only 7% to 10%. Therefore, the higher borrowing costs have a greater impact on these thinner profits. Siegel said this has led to a stagnation in the rotation of stocks across various sectors in the first quarter.