Zortix matched this thesis to Rates & bonds ETFs as the exposure the bearish case argues against, most actionable for readers who already hold them. Not a recommendation.

Deficit and high rates a slow bleed risk

The case argued: the combination of massive U.S. deficits and structurally higher interest rates presents a 'death by a thousand cuts' risk to markets, not an imminent crisis, but a slow bleed that increases the chance of a future accident like a Treasury buyer strike.