As I’ve said ad nauseum, interest rates accelerating higher could be the defining theme of 2014. Since bottoming in July 2012, the ten-year T-note rate represented by symbol $TNX has more than doubled. Freakishly, real estate seems to be merrily hopping along, as if 2008 never happened. I can report to you from my pleasant town that I wish I had some way to buy puts on Palo Alto real estate, because it’s insane (again). In any event, the bonds, represented by symbol TLT below, continue to crumble away, and I remain short.