If bonds are the “safe play,” why do they underperform after big inflows?

I came across this take on bonds that made me pause a bit. Lately, a lot of people have been moving into bonds again, treating them as the safer option, especially with everything going on. But at the same time, bond funds have seen something like 10 straight months of inflows, and historically that kind of trend hasn’t always ended well. There’s data suggesting that when too much money flows into these funds, future returns tend to be weaker. It’s not because bonds suddenly become “bad,” but more because strong performance attracts more money, that money pushes prices a bit further, and eventually things get stretched and start to reverse.

So instead of inflows confirming strength, they can actually signal that a move is getting crowded. Right now, with bonds seeing more consistent demand than equities, it raises the question of whether they might actually underperform from here, even if stocks aren’t exactly in a strong position either. It doesn’t completely change the broader outlook, but it does make the “bonds = safe” narrative feel a bit less straightforward. What do you guys thnk?