Strategy Note /

Bonds, Who Needs Em?

  • 2021 is shaping up as the worst return year for World Govt Bonds since 1949; history shows 1950/51 weren't much better.

  • I see two key points; one, negative real yields support risk assets - strong EPS growth + negative real yields = risk on

  • 2nd, the current FI structure shows V little buy in for my 2021-2025 above av growth & above trend inflation outlook.

Jay Pelosky
Jay Pelosky

TPW Founder & Global Strategist

TPW Advisory
12 November 2021
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