Cronk says his firm is"playing defense" in the bond market today and telling investors to move into higher-quality bonds with shorter terms.
It might be hard to make a change after 10 years, but the investment chief at Wells Fargo says it's time for bond investors to start playing it safe.Darrell Cronk What Cronk is suggesting is the opposite of what's worked in the bond market for years. After the global financial crisis shook investor sentiment to its core a decade ago, central banks around the world slashed interest rates and investors snapped up government bonds.
"For almost the entirety of this cycle you've been able to generate outsize returns in the bond market by simply being down the credit stack as low as you can be," Cronk said.
Is it to make up phony accounts?