Dirk Hanlon: a money manager says he's bought his first bonds in twenty years. Gus: bonds, that's what holds my bookshelf together. Dot: father, a bond is a loan; the ten-year pays over five percent, highest since two thousand two. Lorraine: exhilarating and boring, he called it. Gus: like my bookshelf.
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
