“I’m Insanely Bullish on Bonds” | Jared Dillian on Copper, Bonds, Semis, and The Awesome Portfolio

Bond market yields currently present a compelling long-term opportunity, as concerns regarding inflation and fiscal deficits are overstated compared to emerging signs of a growth slowdown. Jared Dillian, author of *The Awesome Portfolio*, contends that the prevailing obsession with bond supply ignores the potential for increased demand during a risk-off event. The conversation highlights systemic risks within the AI sector, specifically the shift toward debt-financed capital expenditures, which contrasts with the equity-driven nature of previous tech bubbles. Dillian advocates for a balanced, multi-asset strategy—incorporating stocks, bonds, gold, cash, and real estate—to reduce portfolio volatility and prevent reactive selling. Furthermore, the analysis suggests that private credit and equity markets have yet to reach a bottom, as the lack of liquidity in these sectors delays the necessary repricing seen in public markets.