It's the conundrum facing many of the world's biggest bond funds - what to do when you see a bubble in your own asset class?
There's been no shortage of commentators from all fields of finance warning that bonds are set to crash as interest rates begin rising from the near-zero levels where they have sat for the past seven years. 
That has included many bond funds that have effectively shorted their own asset class in the belief that global bond rates are lower than they should be. 
But the enduring strength of the bond market has proved them wrong, and has slowly converted bond bears into believers in the "lower-for-longer" thesis.
Now, with a first interest-rate hike by the US Federal Reserve in seven years, a distinct possibility to occur within weeks, the market is still believing in bonds with current pricing implying an even more moderate pace of rate hikes than that plotted by Federal Reserve committee members.  
Calling the bond market has bruised some of finance's biggest egos but what we can say with some certainty is that at these extreme levels, bonds have lost some of their important qualities.  
One of the main benefits of holding bonds is the "insurance" they provide for riskier assets such as equites. Bonds more often than not appreciate in value because interest rates are likely to fall in times of economic stress. But with bonds in the US and Europe bumping along zero, rates can't really move enough to deliver gains to investors if there's another financial market accident. 
And since the equity market rally has been fuelled in part by low borrowing costs, there are valid fears that next time bonds and stocks will fall together.
So what are investors doing about it? They're searching the world for bond markets that still have these insurance-like qualities and, lo and behold, they've stumbled on: Australian bonds - the last vestige of that old-fashioned protection.
Sebastian Mackay, of British bond giant Standard Life, says Australian bonds are one of the few assets out there that provide the traditional hedge against falling-risk assets because the Reserve Bank still has monetary policy "bullets" in the barrel if the economy derails from here.
"There's an idiosyncratic story going on in Australia - to do with the end of the mining investment boom, the need for policy rates to stay low and for there to be an accommodative Australian dollar," he said.  
"So even if US rates move higher, Australian policy rates will remain low for some period of time. It would provide a lot of protection for a hard landing in China."
"In this event there is scope to cut rates significantly and benefit [bond positions]," he said.  
Mackay explains that the fund has sought out markets such as Australia that have as yet avoided unconventional monetary policy paths that have involved pushing down long-term interest rates to transmit support to their economies.  
And even though Australian bond rates are close to as low as they've been, Mackay said they're still cheap compared with what's out there. 
Australian bonds have outperformed US Treasuries because our interest rates have fallen more than US bonds. The spread has contracted by a third from 1.50 percentage points in early 2014 to just over 0.50 of a percentage point at present.  
"It looks crazy, they are low but there is still some decent spread over US Treasuries."