| Hello Reader, Thanks to the bunch of you who sent in replies to my email the other day. (If you missed it, search for “the poor mooks” in your inbox, and you’ll find it.) Anyway, I actually got a couple of emails from people who previously had been against bonds, saying, “Okay, I get it now.” Which is cool, and displayed intellectual flexibility. In general, intellectual flexibility is in short supply. I suppose it has never been in abundant supply, but with social media and the one-second news cycle and all of that, it’s in shorter supply than possibly ever before. People get entrenched in one viewpoint and won’t back down, or rethink it, or be ready to change with new evidence. Just turn on the internet and have a look, you’ll see what I mean. So let’s hear it for intellectual flexibility, which is one of the hallmarks of a great investor. It’s something we should all strive for. For example, last year, I made a bullish call on bonds. It was a very contrarian position to take. It seemed like all the institutional money in the world was bearish on bonds at the time. I doubled down on it in March: 
And it’s been an incredible trade. Not trying to do a victory lap here, but it was a big giant W. Does this mean I’m blindly bullish on bonds? Nope. Whenever the situation changes, I will be ready to change with it. And I will be able to do that from a position of strength because: - I’m not emotionally attached to the trade, and
- I get the bond market.
As I said the other day, the bond market is much larger than the stock market, and if you don’t “get” it, then you’re playing with one hand tied behind your back. That’s why I’ve been working on something that will help investors get bonds. And it will give you the tools and knowledge you need to be intellectually flexible about bonds. I’ve actually been working on this for months. It’s just not great timing that it’s almost ready to show you just when CNBC is talking about bonds like they’re FAANG or something. I feel like I was trying to get people to see the importance of bonds when they were “boring and unsexy.” And now I’m trying to get people to see the importance of bonds when they’re “bubbly and scary.” Well, I never like to make things easy for myself. I’m pretty sure I can make it easy for you, though. Big announcement in a couple of days. 
 Jared Dillian
P.S. — Please do keep your comments coming in… you can send them to jdillian@mauldineconomics.com. | 