BONDS

When the yield curve inverts, when real rates go negative, when governments start doing yield curve control — that is when you buy Bitcoin. The signal is always in the bond market.

The bond market is the most important market in the world. Everything else is a derivative of the bond market.

The bond market tells you more about the economy than any stock index ever will. Equity investors who ignore bonds are flying blind.

Government bonds are the most important market in the world and the most misunderstood by equity investors.

But with global debt issuance still extremely elevated, we anticipate further weakness in long-end bonds and steeper yield curves.