The Start of a Secular Bear Market in Bonds

We've been in a secular bull market for bonds really since the early 80s. Bill Gross, who formerly of PIMCO now with Janice, his line in the sand is about 2.6%. Jeffrey Gunlack of Double Line Funds, he says 3%. So once the tenure treasury goes above 3%, that's the start of a secular bear market. And we don't know, but we have to kind of weigh the risk versus the reward.