The Lessons of Anti-Money
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 5 March 2021
⏱️ 28 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Everything is about the Fed, bond yields, and inflation right now. Sometimes I mean that as if I am describing what really does matter, and other times I am just describing what "all the rage" is about. "Everything is about" may mean what "everything is about," or it may mean what "everyone is talking about." In this case, we have the weirdest of circumstances where "everyone" is talking about the right thing, but doing so in the wrong way. Allow me to break through some of the ambiguity.
On a daily basis you will find media reports expressing shock and awe about a 10-year Treasury bond at 1.5%, and it's fair enough to note the speed with which yields have moved in recent days. But the coverage really has an implicit message in it that I believe needs to be shunned. And as is always the case it seems, getting to my destination requires a few detours along the way.
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. |
| 0:10.0 | Hello and welcome to this week's Dividing Cafe podcast and video. I'm David Bonson. I'm the chief investment officer here at the Bonson Group, and we are doing something really very, very different this week. |
| 0:26.2 | I think it is almost every week that I'm sitting here in the chair telling you how in the weekly dividend cafe, the written commentary that I've already done, I have this or that, and then I'm |
| 0:39.3 | talking to you about some part of it. |
| 0:41.9 | In this case, I'm actually recording this podcast on Thursday afternoon, a few hours after |
| 0:48.0 | the market is closed, and I won't complete writing the weekly Dividing Cafe commentary until Friday morning. |
| 0:58.1 | It is substantively written. |
| 1:01.4 | It is sort of outlined and structured in my head. |
| 1:05.1 | But I, first of all, from a meeting schedule standpoint, I'm not sure I'm going to have time to record |
| 1:12.8 | tomorrow morning after the written is complete. And I have done the part already that I want for |
| 1:21.2 | your purposes, for the listeners of the podcast, the watchers of the video. I'm in the place I want to be to be able to deliver the |
| 1:29.9 | message. And so who knows what happens between now and my finality of writing could end up being |
| 1:37.1 | a totally different product this week. But no, I mean, I pretty much have the track. It's just I'm |
| 1:42.6 | doing it in a different order I normally do. and we'll see if you notice a difference, |
| 1:46.8 | if you're used to consuming both the written and, of course, this podcast. |
| 1:52.3 | What I'm going to talk about right now, if I haven't lost your attention already, is this thing that has become sort of a singular topic for purposes of the media, for an awful lot of pundits and those that are making their living talking about the market. |
| 2:15.6 | It's become a kind of singular topic, and it is all the rage right now, which is the subject |
| 2:23.1 | of what the Fed's doing or not doing about what inflation is or isn't, and how it is or is not |
| 2:30.7 | impacting bond yields. |
| 2:32.8 | And these things are sort of thought of as this kind of singular topic |
| 2:36.1 | that is right now the great unknown out there. |
| 2:39.8 | If bond yields stay low, then stock prices can continue doing well. |
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