Charles Biderman of TrimTabs was on CNBC yesterday to talk about the most recent fund flow data and he characterized the continuing movement of money into bond funds as “scary”, noting that many retail investors don’t realize that bond funds aren’t a one-way bet.

Yes, it’s yet another unintended consequence of ZIRP (Zero Interest Rate Policy) where investors look at money market and CD yields of less than one percent and go searching for yield – after being burnt by stocks in 2008, the logical alternative is bonds.