There has not been a 20% plus draw down to the close of any trading day for well over 10 years. That has never happened before.
if you read the general thrust of my post, i explained that we are in uncharted territory because of zero and negative interest rates, that has also never happened before, not in Keynes time not in Adam smiths time, there have never been negative interest rates before. Warren Buffett went into a lot of detail in discussing this in his interview on Monday. As for bonds Buffet said (with respect to US treasuries which still have a yield) why would you lend to the government money for 30 years at 1% when their stated objective is an inflation target of 2%, this is obviously amplified in the eurozone where there are negative interest rates.
Its only a discussion everyones opinion is valid.