Jim Grant, the widely-respected author of Grant's Interest Rate Observer, gave a talk at a lunch hosted by the Edison Electric Institute. Utility analyst Sandy Cohen published his notes on The Utility Stock Blog. The upshot? Grant thinks we're in for a long-term bear market in bonds. Highly negative for all nominal bond ETFs (AGG, LQD, SHY, IEF and TLT). And if real interest rates rise, TIP would get hit too, even if the inflation rate rises.