So what's up?

Writes the WSJ, "... investors have piled into the bonds of risky companies and faraway governments, pushing prices sky high and some yields to new lows. They also have been borrowing more money to make their bets -- a strategy that boosts returns but also can lead to big losses."

People are sort of complacent about risk, and they feel that they're not going to see a massive move that will hurt them.

says Greg Peters, chief U.S. credit strategist at Morgan Stanley in New York. "Surreal isn't a bad word for it."

The record of previous periods during which investors took on ever-greater risks in the search for return has not been a happy one.