When Money Is Going Bust, What Becomes of Asset Picking?

The 30-year Treasury yield broke 5.5% before recovering, the highest since 2004. Eight of the largest US bond fund managers, collectively overseeing nearly $700 billion, told Reuters they are avoiding macro bets and hunting for quality instead. The question of whether asset selection still matters in a debasement regime has an answer, and it is not the one most investors expect.