The Master Investor Podcast with Wilfred Frost · The Bond Pivot: Jim Bianco On Why It’s Time To Start Buying Bonds
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ran a $6 billion Treasury buyback program that purchased older 28-year bonds and issued Treasury bills instead of new long-dated bonds
$6 billion buyback; 28-year bond; Treasury bills
“I measure that in the data through the co-movement between bonds and stocks… pre-2000 Treasury bonds were actually quite stock-like… post-2000 they were safe… now risk has gone up again.”
“Scott Besant… buying $6 billion in bonds… you’re talking about $6 billion versus a $40 trillion treasury market… it seems like it’s clearly failed because long-term rates have marched significantly higher”
“They’d have stocks, but also bonds to balance that out…instead of losing 30%, they maybe lost 10 or 15 because long bonds were rallying”
“People will pay more for something which is liquid, even though the cash flows on those two treasury bills are exactly the same.”
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