A veteran investor known for his decades-long conviction in long-duration Treasuries has exited his position, ending a 44-year streak of holding long bonds.
The move marks a significant shift in sentiment among fixed-income allocators, who are increasingly wary of the risks associated with long-end duration in the current macroeconomic environment.
The exit underscores the growing consensus that long-duration securities have become unattractive for many global investors.
Market participants have begun labeling these assets as "radioactive," reflecting a broader retreat from bets on falling yields or stable long-end pricing.
This sentiment shift is driving repricing pressure across the Treasury curve, particularly in the 30-year sector, where demand has softened amid rising uncertainty.
The decision to fold comes amid a shifting macroeconomic landscape that has eroded the traditional appeal of long bonds.