The Paradox of Thrift
There's an old economic theory that has a really cool name which I believe explains what is happening with the economy right now and likely will continue to happen for some time. It's called the Paradox of Thrift. Essentially this means that it is a great thing for an individual to be conservative and save a nice chunk of their income...BUT...if everyone stops spending and ramps up their savings at the same time it is devastating for the economy.
Things had gotten way too out of hand in terms of consumer spending over the past decade. Americans need to be more conservative and save more money, but this huge wave of savings all coming at the same time is going to hammer the economy, causing people to become scared and save even more, and so on, and so on...you get the idea. As you can see in the Bespoke chart that I pasted above, the consumer saving rate has increased dramatically since this whole mess began and it has a long way to go before it reaches an appropriate level.
Even when the economy eventually stabilizes and finds a bottom we aren't going to see the sort of economic growth that we all have become accustomed to in the U.S. and in turn companies and their stock prices over the past decade. That's why I'm not interested in chasing possible capital gains that may never materialize in this potential era of slow growth. A bird in hand is worth two in the bush. I'll take my interest payments on corporate bonds now while others wait for a promise of future cap gains that may never materialize...at least not for a really long time.