1.   An increase in interest rates hurts bonds by making it more expensive for investors to fund bond purchases.

2.   And the next generation of biotech companies is born as investors eagerly fund a new crop of start-ups.

3.   Because many investors fund bond purchases by borrowing on the money market, lower overnight rates make bonds more attractive.

4.   Bonds have gotten a boost from record-low Japanese interest rates because many investors fund bond purchases by borrowing at shorter maturities.

5.   Bonds rise when interest rates are low because low rates make it cheaper for investors to fund bond purchases.

6.   By contrast, the technology bubble was funded by investors through venture capital and the financial markets.

7.   Concern that interest rates may rise weighs on bonds because record-low interest rates make it cheaper for investors to fund bond purchases.

8.   Continued low rates could be good for bonds, because many investors fund their bond purchases by borrowing at shorter maturities.

9.   Fading concern a Bank of Japan rate increase is imminent boosts bonds as many investors fund their bond purchases at shorter maturities.

10.   Hayes notes that investors did fund many companies that created innovative new things that will endure.