Why I Still Hate Bonds (With a Few Minor Concessions)
Summary
Tyler Gardner revisits his views on fixed income, arguing that "safe" is a relationship between an asset and specific risks rather than an inherent property. He breaks down the three primary risks of bonds—interest rates, inflation, and opportunity cost—and distinguishes between money market funds, bond funds, and TIPS as distinct tools for different jobs. The episode also highlights when to avoid bonds, such as when holding a pension or other stable income streams, and emphasizes the importance of matching liabilities to specific maturity dates. Gardner concludes by urging listeners to che…
Topics discussed
Cold open: The fallacy of 'safe' assets
Introduction and book pre-order bonus
Revisiting the 'Why I Hate Bonds' episode
Sponsorship request and show context
Part 1: What you actually own when holding bonds
Part 2: Risk 1 - Interest rates and duration
Sponsor: Thrive Market
Sponsor: Caldera Lab
Part 2: Risk 2 - Inflation and real returns
Part 2: Risk 3 - Opportunity cost
Part 3: Three tools for fixed income (MMFs, Funds, TIPS)
Sponsor: Anthropic Claude
Sponsor: Gelt Tax Services
Part 4: Three cases where bonds are great
Part 5: Three times to avoid bonds
Five key takeaways and summary
Homework: Check your bond fund duration
Outro and newsletter sign-up
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