For a decade bonds were the asset class nobody wanted to talk about. With yields where they are, suddenly everyone is a fixed-income expert.

The basics still matter most: what the coupon is, when you get your money back, and what happens if you need to sell early.

Boring is the feature, not the bug. The returns are contractual, not aspirational — which is exactly why they belong in a portfolio as ballast.

Business stories are about decisions: where the money comes from, what gets built and what happens next.

The archive continues on Substack and Medium.