Thursday · Issue No. 148

Jul 16, 2026 · 9 min read

This week — Macro

The duration trap: why long bonds aren't the hedge they were

For forty years, long-dated Treasuries were the reflex hedge against equity drawdowns. This issue walks through why the correlation broke, what regime we are actually in, and how to reposition the defensive sleeve of a portfolio without reaching for cash.

Inside this issue

  1. 01The 2022 correlation break, in one chart
  2. 02Term premium is finally positive again
  3. 03Three ways to rebuild a defensive sleeve
  4. 04What I'm watching into next week

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IdeaTickerIssueCalledReturnStatus
Energy infrastructureAMLP142Jun 2026+11.20%Open

Returns measured from the closing price on the issue's publication date. Past performance is not a guarantee of future results.

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