# kaal:claim:5454054-014

**Claim.** The sustained underperformance of U.S. Treasuries relative to equities from 2015 to 2025 triggered a $10 trillion capital exodus from fixed income into alternative investments.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- 2015 to 2025
- global bond markets since 2021

**Source quote.**

> This performance disparity triggered a $10 trillion capital exodus from fixed income to alternatives investments.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Market Opportunity for LER, page 16

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** economics, defi

**Keywords.** capital-reallocation, treasuries, bond-bear-market, yield-seeking

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/5583610-033

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.