I have seen them, gentle, tame, and meek, That now are wild, and do not remember That sometime they put themselves in danger To take bread at my hand; and now they range, Busily seeking with a continual change.
—Sir Thomas Wyatt, “They Flee from Me”
Fixed income is often considered, in an odd juxtaposition, both difficult to figure out and boring. Equity markets hold appeal for many investors because of the ownership stake that holders have. But bonds, with their geeky equations and their generally lesser volatility, are the purview of the accountants of the investing world, bond fund managers.
Maybe the above is true, and I’m just hopelessly ...