Bank of America data shows 15-year-plus US Treasuries recorded roughly -2% annualized returns over the past 10 years, marking their worst performance since 1936. Over the same period, US stocks returned 15% annually, while the iShares 20+ Year Treasury Bond ETF (TLT) dropped over 26% from its early-2020 peak. Analysts suggest that the current higher yields, which previously crushed existing bondholders, now offer new buyers increased income and a stronger cushion against further rate increases, potentially signaling a generational buying opportunity.