Dan Ivascyn
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I say it respectfully, but it's not super exciting, the Bloomberg aggregate index.
And you're at near a 5% type return.
You buy a bunch of other high-quality paper, give up some liquidity.
You're at a 7% or 8% yield.
95-ish percent correlation between starting yield and five-year forward returns.
That's right.
Then it could go up or down based on trading strategies along the way.
Right, right.
Hopefully, it's a little bit higher than that.
But simplistically, if you don't want to give any benefit to the active piece—
That's what you earn.
So going back a few years ago when yields on that index were 2%.
Right.
What did you expect?
And we ended up with 22 is back.
It can all happen at once, just like stocks.
People show me that chart.
Well, what does it mean?
Well, it could mean that equities just disappoint slowly.
Yeah.