iShares 20+ Year Treasury Bond ETF (TLT) is already over 20% from the current cycle low of October 19, 2023 (Figure 1), but virtually flat from the previous cycle low (8-Nov-2018, see Figure 2).
The full cycle first meant an increase of 60% (from 8-Nov-2018 to 9-Mar-2020), then a decrease of 50% (to 19-Oct-2023), and now we are rebounding >20%...
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