Discipline III · Approach, not an offer
Fixed income & bonds
Principles for using bonds as ballast: understanding interest-rate sensitivity, credit quality and the liquidity you may need.
How we think about it
- Duration is a choice
- Rate sensitivity is set deliberately against the horizon, not inherited by accident.
- Credit is earned
- Extra yield is treated as compensation for risk, never as free return.
- Liquidity matters most when it's scarce
- Position sizes respect how easily a bond can actually be sold.
Other disciplines
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