@Surferbeetle:Greece reminds me a bit about the following canzone di Faber. The male fatto in un ora was done over many years but to some extent I fear the lyrics mirror the feelings of many Greeks...

Anyway your point about the inflation is a rather interesting one. So far the massive injection of liquidity has not quite the impact on inflation, clearly due to lack of demand having caused the famous liquidity trap. How long and how strongly it will remained trapped is a key question...

Unternehmensanleihen - Das Beste ist vorbei raises a very important aspect. While bond yields of great companies hit massive heights during the big downturn and financial crisis pushing me to acquire some, but sadly due to the lack of trust into my intellectual judgment, too few, the are now at an almost historic low.

I shifted in the last quarter increasingly from bonds into stocks after considerable thought, aided by Graham. The yield of those German enterprises is around 2%, while the dividends of them should be a tad over 4%. At least the Euro Stoxx 50 pay out roughly 50% of their earnings out to the shareholder so they should earn roughly between 8-9% on the invested capital. Of course it is difficult to know the true owner's earning or the respective ROIC, the return on the owners invested capital.

The Graham/Dodd or Shiller P/E (present price/earnings of the last 7 or 10 years) were also with 11 or 12 at that time IIRC quite attractive. The liquidity is massive but not so much in stocks and despite the troubles in the economy and the markets I thought the margin of safety offered by me with the prices of Mr. Market was quite good.

To sum it up why should I now invest into bonds when I can get at low prices shares of mostly great enterprises earning me roughly 5% more on my capital? It is a businesslike investment which resulted to the recent ralley in considerable speculation gains on paper. We will see how things go on, but as long as enterprises to so well I don't know why I should sell them anytime soon.

P.S: It is interesting that Ben Graham uses very similar words to Ludwig Beck when talking about the importance of trusting a personal judgement and acting on it after a careful and intelligent use of the grey cells. No wonder that I try to limit my ambitions