Sandy Liang: In the post-pandemic years, it has not been fun to be a bond manager, at least for the traditional ones
Article content
By Sandy Liang
It was great to be a bond manager in the 1980s, the period that inspired Michael Lewis’ Liar’s Poker and Tom Wolfe’s Bonfire of the Vanities. Interest rates peaked with inflation in 1980-1981 as the benchmark 10-year U.S. Treasury yield of 15 per cent was cut in half by the early 1990s (bond yields move inversely with price).
It was also great to be a bond manager in the years following the…
