High bond yields represent risk-free returns, making expensive stocks less attractive comparatively.

When the yields are really high, generally, it means that equities or stocks are too expensive. The reason being is yields are effectively a risk-free return. Nothing in the world is actually risk-free because America could get nuked tomorrow. We don't know, but effectively, this is as close to kind of risk-free returns as you can get on the market. And so when the risk-free return on the 10-year yield is 5%, that's a pretty good return on something that is no risk. Whereas stocks carry much greater risk and stocks are basically, when I'm giving you my money for the yield, you're saying, hey, there's basically no risk here and I'm gonna give you back this percent.