The desperate chase for yield is becoming dangerous, driving the valuations of dividend stocks (telcos, utilities & REITs) and bond prices to the sky. The main reason behind this 'new abnormal' is the world (especially developed nations) spiralling into a 'Japan-style' economic malaise. -Aging populations result in weak demand -Weak demand leads to deflation -Central banks maintain low and even negative rates for longer in order to stimulate growth and battle against powerful deflationary forces. Central banks in Switzerland, Sweden, Denmark, and Japan now all have negative interest rates! I foresee solid blue-chip yield stocks to be selling at a premium for many years to come as the global ......