I can’t remember where I read this but the idea is that Bond markets are more sophisticated than equity markets so Bonds tell the truth. Bonds are closer to reality than equities.
Update: I remember now, the idea comes from Raoul Pal
I can’t remember where I read this but the idea is that Bond markets are more sophisticated than equity markets so Bonds tell the truth. Bonds are closer to reality than equities.
Update: I remember now, the idea comes from Raoul Pal