This may be the best paper I’ve ever read on bonds, written by John H. Cochrane. And it’s extremely timely.
https://static1.squarespace.com/static/ ... /Bonds.pdf
The problem is, I’m struggling to figure out the actionable step to take. He says that “the average investor holds the market portfolio.” And if you need to deviate, the markets allow you to “buy and sell insurance.” This is awesome, but complicated stuff to build a simple portfolio. I’d love some interpretation from this forum.
https://static1.squarespace.com/static/ ... /Bonds.pdf
The problem is, I’m struggling to figure out the actionable step to take. He says that “the average investor holds the market portfolio.” And if you need to deviate, the markets allow you to “buy and sell insurance.” This is awesome, but complicated stuff to build a simple portfolio. I’d love some interpretation from this forum.
Statistics: Posted by TrustTheMarket — Wed Dec 24, 2025 6:23 am — Replies 0 — Views 151