You stated that "dividend payers are long duration bonds".
The market has now separated from old economy notions of "safe stocks" being "bond proxies" or "long duration bonds" (1980's TAFE finance defintion).
We have had quite the bull market don't you think?
Stocks were once considered unsafe, no matter how blue chip, as household wealth was much lower than it was today (60's - 90's). People were worried and concerned their capital would evaporate in volatile markets. Shares were seen as a mugs game. Bonds were far safer.
Once tiger, a share was categorised as a "bond proxy" to suggest a share with reliable cashflow, large moat etc was befitting of "bond like safety" .
Why? Because previously shares were seen as a suckers game. Bonds were a lot safer.
Now, since US household wealth is 600% to GDP, there is excessive capital looking for home.
Notice housing markets pumping in price around the world? It's not because of wages tiger.
People have so much money, that they now have "portfolios".
So thank you so much for your bond proxy definition. Fact is, there is so much capital in US markets that it will simply rotate into defensives if the Rivians, Coinbases and Robinhoods of the NASDAQ melt overnight.
Magellan don't hold Rivian, Coinbase or Robinhood. There is a reason for that.
Gold and bonds don't pay any sort of real return in a low interest rate market. That leaves the Alphabets and Microsofts with their reliable cashflows and large moats.
Getting the jist?
Above is not financial advice and my opinion only.
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