The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 7 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Gave: First Fed tightening cycle where EM bonds outperform US Treasuries
“This is the first Fed tightening cycle in my lifetime where emerging market bonds are crushing U.S. Treasuries, German bonds, JGBs.”
Amy Falls: Endowment fixed income portfolios should only hold U.S. Treasuries
“For us, we wanted to have something that was liquid, highly safe, or would have a negative correlation with equities and not complicated. So I don't really want the Barclays Ag. I don't need a bunch of mortgage-backed securities in there that have complicated …”
More than half of Italian high-yield bonds yield less than U.S. Treasuries
“More than half of all the high yield bonds issued in Italy have yields that are tighter than U.S. Treasuries.”
Van Vleet: Japan Funded $45B Currency Intervention by Selling Treasuries
“Forty-five billion dollars in currency intervention. That money had to come from somewhere. It came from U.S. Treasuries.”
Gave: Chinese bonds have outperformed US Treasuries by 15% in 2022
“Chinese bonds have outperformed U.S. Treasuries by 15% this year.”
Eichhorn: Over Half of NISA's Physical Assets Are US Treasuries
“Our physical assets, over half of them are Boring old U.S. Treasuries, but they work. They get the job done on hedging, and they're great collateral.”
Wallace's inherited Treasury position dropped 15% in Q1 2021
“And when I got that, the ten-year treasury rate was 90 basis points, and this was January of 2021. And I said, okay, I got plenty of bigger fish to fry. Let me just kind of Put this one on hold for a little bit, and had my first IC meeting at the end of Februa…”