I have resisted writing this for some time, but there are certain points in the bond market where yield is poisonous. I have a rule of thumb that says when spread relationships get too tight, give up yield to gain possible capital gains in the future. That’s why I made the post at RealMoney late yesterday. When everyone is grasping for yield, that is the time to avoid it, and aim for capital gains. That is what I am doing now.