The Bond Market Cares About You Even if You Don't Care About It
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 14 October 2022
⏱️ 25 minutes
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Summary
I hear often from investors who are focused on the “fun” parts of risk-asset investing that they “don’t care” about the bond market. Truth be told, it doesn’t do a lot to excite me, either. Most professional bond managers I know seem to be borderline Communists (just kidding), and the bond market itself lacks the human action that I believe is embedded in things like operating enterprises.
But the bond market cares about us whether or not we care about it, and that is the subject of today’s Dividend Cafe. It is a message I like a lot, and I believe if you jump into today’s Dividend Cafe, you will come out more enlightened about economic growth, stock market pricing, interest rates, and the decisions we face as investors.
So let’s do just that.
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.5 | Well, hello and welcome to yet another episode of the Dividend Cafe. |
| 0:17.7 | We get to that end of the week that is Friday. And I have a topic today that I wasn't |
| 0:25.8 | really sure as I began writing how excited I was about it. I think it's important. And I had a |
| 0:33.2 | kind of vision for what I wanted to do. But I got to say, as I was writing and writing, I got real into it. |
| 0:38.8 | And I enjoyed writing this week's Diving Cafe a lot. |
| 0:41.5 | And I think the outcome and the message I want to give to you here today is exactly what I |
| 0:47.4 | wanted. |
| 0:48.0 | And then some, I think it's important. |
| 0:49.9 | But more than that, I do think there's a certain clarity that can come for investors |
| 0:54.0 | who properly grasp a few of the things that we're talking about. But more than that, I do think there's a certain clarity that can come for investors who |
| 0:54.3 | properly grasp a few of the things that were talking about. |
| 0:58.5 | I titled it something to the effect of, you may not care about the bond market, but the |
| 1:06.1 | bond market cares about you. |
| 1:08.2 | And there's this sense in which when you start talking about bonds, |
| 1:12.5 | and I've been doing this for a long time and served as the chief investment officer, |
| 1:16.5 | the Bonson Group, which entails more than just oversight of our equity management. |
| 1:23.0 | I'm the portfolio manager on our core dividend portfolio, but as the chair of our investment |
| 1:28.1 | committee, there's decision making across all asset classes and due diligence and manager |
| 1:35.1 | selection and point of view in bonds, not merely in equities. |
| 1:40.5 | And so there's a sense of which I've been inside the fixed income world for my whole career and more intensely in the last seven years. |
| 1:48.5 | And I do find the asset class very boring. I don't think that people are wrong to feel that stocks are more exciting and bonds are less so. |
... |
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