2022 was a historic year in that it has seen the biggest bond bear market of our lifetime. Maybe historians will use words like ‘Bond Bubble Burst’ or the ‘Big Bond Reset’ to describe a market, in which global bond market aggregates lost more than 15% of their value. These are losses that couldn’t be witnessed in more than 100 years. The good news is that the massive overvaluation of global bond markets should now come to an end. The same goes for the experiment with negative interest rates, which lasted for almost a decade.