The Bond Yield Peak Is In
Assuming Bob Farrell's Rule #1 on Mean Reversion is prescient
“Markets tend to return to the mean over time.”
Simple rule, but elegant. Interest rates may move in Kondratieff long-term waves, and we may well be in a secular bear market, but there are also short-term cycles within that longer-term trend where profitable opportunities emerge. I sense we are at one of those short-term turning points, at the very least.
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