bond market

“So they will be economic animals. They will look for the best return for the reward of what, for the risk they're taking, and there is no reason why they come in and just subordinate themselves to bonds and save the bond market.”

“Let's look at trailing price momentum for the bonds and the stocks, and let's look at things where the stock went way up and the bonds went down. Who's right? Turns out, in those cases, that the bond market's right. The stock should come down.”

“I think that came to the forefront in the fourth quarter of 2018. I think there were people that wanted to trade bonds that simply there weren't bids and offers out there for the most part.”

“I believe that's setting up a much bigger bond sell-off and interest rate rise than the markets are expecting.”

“I think liquidity risks right now are underrated and underappreciated. There's a lot of optics of good liquidity in markets. But a lot of that liquidity, especially in equity markets, is just day trading back and forth, and if you need to get out of a fairly s…”

“So we think there's a probability that the default rate in the loan market might exceed that in the bond market. And the recovery rate in the loan market might be lower than that of the bond market, which is different than what it was in the past.”