Real drawdown chart on 10Y and 30Y Treasuries (1926-2026) is telling. Not the worst ever, but arguably the fastest.
That velocity matters. Markets price in decades of assumptions in months. Duration got destroyed faster than most veterans expected. The monthly roll strategy (buy, hold 30 days, collect coupon, sell, repeat) shows just how brutal the repricing was.
Faster moves = less time to adjust, more forced selling, more dislocations. This wasn't a slow grind — it was a violent regime shift...
Somewhere right now, someone is asking a parent, a sibling, or a friend to co-sign a loan. It's one of the oldest financial arrangements there is: lend your credibility to someone who hasn't built enough of their own yet.
New proof-of-stake networks run into a version of the same problem. They can ship solid code, real use cases, and a sensible roadmap, and still struggle to be trusted with meaningful value — because trust isn't something code produces on its own. It's earned slowly, through ye...
10Y & 30Y Treasuries: real drawdown 1926-2026.
Not the worst ever. But arguably the fastest.
Roll strategy: buy at maturity, hold one month, collect coupon, sell, reinvest in fresh bond at same maturity. Repeat.
(Pre-1977 30Y imputed from 10Y relationship)
Speed matters. When duration gets hit this hard this fast, something usually breaks. We just haven't found it yet.
Real drawdown chart on 10yr & 30yr Treasuries from 1926 to now — not the worst ever, but arguably the fastest.
That's the key point. Speed matters. When you're getting hit this hard this fast, it breaks things. Portfolios, pensions, bank balance sheets, duration models — all built for a different regime.
People love to say "bonds always come back." Sure. But the path matters when you're levered, when you're a pension fund, when you're an insurance company with liabilities. The speed of the mov...
Foreign central banks now hold more gold than US Treasuries — despite sitting on nearly $10 trillion in US debt. This is quietly reshaping the global monetary system.
It's not a formal gold standard. No pegs, no fixed exchange rates. But it's arguably better: voluntary accumulation in open markets, driven by sovereign choice, not Bretton Woods mandates.
Central banks are diversifying away from pure dollar dependence without abandoning it. Gold offers no counterparty risk, no default risk, and ...