Ramin Nakisa
👤 SpeakerAppearances Over Time
Podcast Appearances
But this is one of the best things about coming on the show, when I talk about bombs, I just watch his eyes glaze.
It's like watching a man die.
Slowly.
Okay, anyway, so duration, yeah?
So you've got short-duration bonds and you've got long-duration bonds, right?
So it's almost like a different asset class.
But shorter-duration bonds, if interest rates increase, hardly affects them.
Long-duration bonds, they are all over the place.
The volatility is like equity.
So in the UK, you know, my community always jokes that TR73, which is like this 2073 maturing bond...
it's got this incredible volatility.
And we call it old man's crypto.
Because if you want to take a punt on rates, you buy TR73.
If you think rates are going to go down, you buy TR73.
You can't short it.
But if rates are falling, that's what you do.
But that's really sensitive.
Rates increase, that thing tanks.
So in 2022, 23, they looked like meme stocks selling off.
You know, they fell about 80%.