Mike Kudzel

Mike Kudzel, a money manager at PIMCO, got to work on Tuesday, April 8th, ready for a crazy day.

Mike Kudzel, a money manager at PIMCO, got to work on Tuesday, April 8th, ready for a crazy day.

Mike Kudzel, a money manager at PIMCO, got to work on Tuesday, April 8th, ready for a crazy day.

Kevlar like what firefighters wear because markets were in flames in the aftermath of President Trump's big tariff announcements.

Kevlar like what firefighters wear because markets were in flames in the aftermath of President Trump's big tariff announcements.

Kevlar like what firefighters wear because markets were in flames in the aftermath of President Trump's big tariff announcements.

And that is weird. Because normally, when investors get scared, as they were that day, they sell risky things like stocks to buy stuff that they see as safer. And historically, that safer thing has been U.S. government bonds. Treasuries.

And that is weird. Because normally, when investors get scared, as they were that day, they sell risky things like stocks to buy stuff that they see as safer. And historically, that safer thing has been U.S. government bonds. Treasuries.

And that is weird. Because normally, when investors get scared, as they were that day, they sell risky things like stocks to buy stuff that they see as safer. And historically, that safer thing has been U.S. government bonds. Treasuries.

Historically, buying treasuries has been seen as the safest thing of all. So when the stock market is looking dicey, treasuries are supposed to go up. And... People run towards the U.S. dollar because it's safe.

Historically, buying treasuries has been seen as the safest thing of all. So when the stock market is looking dicey, treasuries are supposed to go up. And... People run towards the U.S. dollar because it's safe.

Historically, buying treasuries has been seen as the safest thing of all. So when the stock market is looking dicey, treasuries are supposed to go up. And... People run towards the U.S. dollar because it's safe.

I heard you almost say flight. It's a capital flight, right? That's the phrase?

I heard you almost say flight. It's a capital flight, right? That's the phrase?

I heard you almost say flight. It's a capital flight, right? That's the phrase?

Mapital height.

Mapital height.

Mapital height.

That's what I came up with. You got something better? I think he didn't want to say capital flight because capital flight is like a big thing. It's money sprinting away as fast as it can go, typically from an emerging market country whose government has just done something fiscally reckless or like unforgivable.

That's what I came up with. You got something better? I think he didn't want to say capital flight because capital flight is like a big thing. It's money sprinting away as fast as it can go, typically from an emerging market country whose government has just done something fiscally reckless or like unforgivable.