Nick Givanovic: Treasury Bonds Are “Historically Unattractive” To Leveraged Investors

Forward Guidance is sponsored by VanEck. Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG. VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus. __ Follow Nick Givanovic on Twitter https://twitter.com/nickgiva1 Follow VanEck on Twitter https://twitter.com/vaneck_us Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Timestamps: (00:00) Introduction (00:30) Nick Favors Stocks Over Bonds Until He Sees Data That Say Otherwise (05:25) Potential For An Bond Auction Failure (06:44) U.S Government Borrowing: Treasury Bills vs. Treasury Coupons (21:49) Conditions At Recent Treasury Market Auctions (25:13) Short Bonds, But Not Wildly Bearish (26:13) VanEck Ad (27:14) Is Yield Curve Steepener Trade Positive Carry or Negative Carry? (28:43) Inflation Volatility Is Bad For Term Premia (33:13) Bull Steepener vs. Bear Steepener: How Will The Yield Curve Uninvert? (39:10) Bull Steepeners Usually Occur Faster Than Bear Steepeners (Nick Thinks Bull Steepener Could Be More Likely) (54:24) Volatility In The Bond Market (01:02:21) Relative to Bonds, Nick Is Bullish On Stocks (01:07:49) The Labor Market (01:09:53) GameStop and the Return of Meme Stocks __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.