Investors should be worried about losing money on both equities and IG bonds at the same time

If corporations aren't actually earning anything with the non-GAAP reported earnings, then investors should be worried about losing money on both equities and investment grade debt at the same time. Especially, with rates rising.
https://www.zerohedge.com/news/2018-05-22/socgen-investors-are-increasingly-worried-about-losing-money-bonds-and-equities