MIXEDSubstantive discussion · 3/5

Prefer duration yield over tight credit spreads

The case made was to favor the yield from duration (base rates) over corporate credit, as credit spreads are already at tight percentiles historically.

Chris Hussey. Recordedon Goldman Sachs Exchanges: The Markets

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The story so far

CONTESTED · 82 MENTIONS · 57 EPISODES · 22 SHOWS

14 AUG 2025 — 16 AUG 2026 · 2D AGO

44 SUPPORT · 11 CHALLENGE · 2 REPEAT · 25 MENTIONED

14 AUG 2025 · FIRST HEARD
THE MEMO BY HOWARD MARKS
- Credit as a defensive holding in lofty markets
16 EPISODES BETWEEN · 29 MENTIONS
1. 15 AUG 2025
  BARRON'S STREETWISE
  - Agency MBS offer attractive spread over corporates
2. 21 AUG 2025
  THE INSIGHT BY OAKTREE CAPITAL · 4 MENTIONS
3. 2 SEP 2025
  THE LONG VIEW
  - Deficit scenario favors fixed income
4. 19 SEP 2025
  THE ALPHA EXCHANGE · 2 MENTIONS
  - Be a liquidity provider in an illiquid market
  - Convertible bond market's three sources of value
5. 26 SEP 2025
  THE MEB FABER SHOW
  - High-yield credit bet on 'no recession'
6. 9 OCT 2025
  THE INSIGHT BY OAKTREE CAPITAL · 3 MENTIONS
7. 10 OCT 2025
  THE MEB FABER SHOW
  - Yield curve shape drives relative asset returns
8. 14 OCT 2025
  THE INSIGHT BY OAKTREE CAPITAL
  - Credit's role enhanced in a higher-rate world
9. 14 OCT 2025
  THE MEMO BY HOWARD MARKS
  - Credit's role enhanced in new rate regime
10. 31 OCT 2025 · CHALLENGES
  GOLDMAN SACHS EXCHANGES
  - Capital structures broken by rate surge
11. 7 NOV 2025
  THE MEB FABER SHOW
  - Diversify US Treasury exposure with foreign bonds
12. 13 NOV 2025
  THE INSIGHT BY OAKTREE CAPITAL · 4 MENTIONS
13. 13 NOV 2025
  MACROVOICES
  - High yield spreads artificially tight on supply crunch
14. 25 NOV 2025
  THE LONG VIEW · 2 MENTIONS
  - Passive fixed income's limited breadth
  - Derivatives as a tool for bond market efficiency
15. 11 DEC 2025
  THE BUSINESS BREW
  - Diversified BB credit as a resilient asset class
16. 16 DEC 2025
  THE LONG VIEW · 4 MENTIONS
19 DEC 2025
GOLDMAN SACHS EXCHANGES: THE MARKETS · 2 MENTIONS
- Stay invested in bonds for 2026
- Prefer duration yield over tight credit spreads · THIS IDEA
33 EPISODES BETWEEN · 42 MENTIONS
1. 29 DEC 2025
  CAPITAL ALLOCATORS
  - The 'sea change' to a higher-rate lending environment
2. 6 JAN 2026
  THE LONG VIEW
  - T-bills as attractive portfolio insurance
3. 9 JAN 2026
  FORWARD GUIDANCE
  - Corporate credit spreads tighten due to supply crunch
4. 13 JAN 2026
  GOLDMAN SACHS EXCHANGES
  - Credit risk-reward less favorable than equities
5. 14 JAN 2026
  THE INSIGHT BY OAKTREE CAPITAL · 2 MENTIONS
  - Construction and chemicals sectors bottoming, offering selective value
  - European credit offers diversification and spread premium
6. 26 JAN 2026 · CHALLENGES
  THE MEB FABER SHOW
  - Corporate credit spreads are dangerously narrow
7. 27 JAN 2026
  AFFORD ANYTHING
  - T-bills more attractive in higher rate environment
8. 30 JAN 2026
  MASTERS IN BUSINESS · 2 MENTIONS
  - Fixed income's return to favor
  - Active management's edge in fixed income
9. 2 FEB 2026
  CAPITAL ALLOCATORS · 3 MENTIONS
  - Diameter's all-weather credit approach as portfolio ballast
  - COVID pivot: short travel, then buy high-quality credit
  - Be native, not a tourist, in credit markets
10. 10 FEB 2026
  THE LONG VIEW · 2 MENTIONS
  - Investors shifting from cash to longer-duration bonds
  - Bonds provide income and ballast in a higher yield era
11. 19 FEB 2026 · CHALLENGES
  THE ALPHA EXCHANGE
  - Avoid corporate credit, own 'risk-free' rates instead
12. 4 MAR 2026 · CHALLENGES
  THE ALPHA EXCHANGE
  - Credit risk mispriced across default, liquidity, volatility
13. 6 MAR 2026
  MASTERS IN BUSINESS · 2 MENTIONS
  - Bonds back as attractive income source
  - Agency MBS over investment grade corporates
14. 9 MAR 2026
  THE ALPHA EXCHANGE
  - CLOs provide diversified, protected loan exposure
15. 27 MAR 2026
  GOLDMAN SACHS EXCHANGES: THE MARKETS
  - Prefer bonds over stocks in current climate
16. 31 MAR 2026
  THE ALPHA EXCHANGE
  - Corporate credit protection cheap in US risk scenario
17. 6 APR 2026
  ANIMAL SPIRITS · 2 MENTIONS
  - Utility preferreds as equity-credit arbitrage
  - Diversification as the fixed income 'free lunch'
18. 6 APR 2026
  CAPITAL ALLOCATORS
  - Private credit dislocation opportunities emerging
19. 7 APR 2026
  THE ALPHA EXCHANGE · 2 MENTIONS
  - Corporate credit: attractive income, low duration risk
  - Prefer credit risk over rate risk in flat curve
20. 8 APR 2026
  MONETARY MATTERS WITH JACK FARLEY
  - Non-agency mortgage strategy highly attractive
21. 21 APR 2026 · CHALLENGES
  THOUGHTFUL MONEY
  - Short duration in a rising rate cycle
22. 21 APR 2026 · CHALLENGES
  THE LONG VIEW
  - Underweight credit due to tight spreads, high correlation
23. 24 APR 2026
  FORWARD GUIDANCE
  - Corporate credit health masks government balance sheet risk
24. 22 JUL 2026 · 4W AGO
  BLOOMBERG SURVEILLANCE
  - Lock in high yields before cash rates fall
25. 23 JUL 2026 · 4W AGO
  THOUGHTFUL MONEY
  - Credit spreads signal market complacency
26. 24 JUL 2026 · 4W AGO
  BARRON'S STREETWISE
  - Credit offers carry yield despite tight spreads
27. 27 JUL 2026 · 3W AGO · CHALLENGES
  THE DIVIDEND CAFE
  - Widening CCC spreads highlight growing credit risk
28. 29 JUL 2026 · 3W AGO
  ANIMAL SPIRITS
  - Bearish consensus on bonds may be overdone
29. 29 JUL 2026 · 3W AGO · CHALLENGES
  EXCESS RETURNS
  - Bonds fail as portfolio diversifiers against inflation
30. 30 JUL 2026 · 3W AGO
  THE ACQUIRERS PODCAST · 2 MENTIONS
  - Wait for wide credit spreads before buying bonds
  - Compressed bond yield spreads lack margin of safety · CHALLENGES
31. 3 AUG 2026 · 2W AGO
  BLOOMBERG SURVEILLANCE
  - Private credit via diversified ETF structure
32. 7 AUG 2026 · 2W AGO · CHALLENGES
  BLOOMBERG SURVEILLANCE
  - Credit spreads offer little value, pose jump risk
33. 7 AUG 2026 · 2W AGO · CHALLENGES
  BLOOMBERG SURVEILLANCE
  - Credit spreads are tight with jump risk
7 AUG 2026 · 2W AGO
BARRON'S STREETWISE · 3 MENTIONS
7 AUG 2026 · 2W AGO
CNBC FAST MONEY
- Prefer shorter duration over credit for income
10 AUG 2026 · 1W AGO
THE DIVIDEND CAFE
- Credit spread tightening signals risk-on shift
11 AUG 2026 · 1W AGO
BLOOMBERG SURVEILLANCE
- Active short-term management beats T-bills
12 AUG 2026 · 6D AGO
BLOOMBERG SURVEILLANCE
- Risk-reward improving for fixed income
16 AUG 2026 · 2D AGO
THOUGHTFUL MONEY
- High-quality corporate credit over sovereign debt

HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD