iShares ETF tracking an index of US Treasury bonds with 7–10 year maturities.Yahoo Finance ↗
A sector/theme exposure, not a company — priced via the IEF ETF as a clean proxy. Excluded from the index and host funds.
3 takes · first discussed Oct 25, 2024 · last Apr 5, 2025 · 1 stance reversal
Click a call to see the price move since it aired.
Sacks says Treasuries are the easy asset to avoid given looming inflation risks and the deteriorating US fiscal picture, with rates likely to stay higher for longer.
Friedberg disclosed he called his financial advisor after the State of the Union and repositioned to go light on stocks and heavy on Treasuries, anticipating the tariff shock would push equities lower and drive a flight to bonds.
The hosts are broadly cautious on long-duration US Treasuries, though views have shifted with context. In October 2024, both Sacks and Friedberg were firmly bearish: Sacks argued that a 4.2% 10-year yield is unattractive given lingering inflation and fiscal deterioration, while Friedberg went further, saying he would hold zero fixed income and keep cash only in very short-term instruments. However, Friedberg reversed course by April 2025, disclosing he repositioned his own portfolio to go heavy on Treasuries as a tactical flight-to-safety trade ahead of the anticipated tariff-driven equity selloff — a notable flip from his earlier stance. Sacks's October 2024 bear view stands without a subsequent update in the provided material, leaving him and the earlier version of Friedberg aligned as skeptics on structural grounds, while Friedberg's more recent action reflects a tactical, opportunistic bullish shift rather than a change in long-term conviction.
Sacks says Treasuries are the easy asset to avoid given looming inflation risks and the deteriorating US fiscal picture, with rates likely to stay higher for longer.
the easy one to avoid is treasuries, right? I mean, do you really want to accept a 4.2% yield for 10 years to own a US bond? And with the looming inflation that is still out there, or the looming debt crisis that might be out there.”39:51
Friedberg disclosed he called his financial advisor after the State of the Union and repositioned to go light on stocks and heavy on Treasuries, anticipating the tariff shock would push equities lower and drive a flight to bonds.
I called my financial advisor after the State of the Union Address and told them to rejigger my stock and bond ratio in my portfolio because I figured that something like this was going to happen...I went light stocks...I went heavy”43:50