Unconstrained bond funds are constraining investors
The alternative pitched as a way around rising rates isn't holding up it's end of the bargain very well; maybe it's time to look at individual bonds
Everyone seems to agree that interest rates will rise and it is easy to see why — they simply cannot go much lower. Figure 1 shows the very long term behavior of 10-year Treasury yields back to 1800. The past 30 years or so have provided great returns to bond investments as rates fell from his
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