Word arrived that a seasoned investor had bought his first bond. Ambrose: ten-year yields above five percent, highest since two thousand two. Pim: I have a bond, with my snail! The Toll Keeper: the thirty-year paid one percent in twenty-twenty; now five point four. Prudence: too low for twenty years, he says; not now.
A money manager who says he has invested for more than twenty years and never bought a bond in his own account has been buying them for the first time these past few weeks, because yields that were about 1% on the thirty-year in March 2020 are now above 5%, with the ten-year at its highest since 2002 this month; he calls it equal parts exhilarating and boring.
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X · Oct 15, 2026
