Good morning. For the first time in what feels like a long while, 10-year US yields did not post a multi-decade high yesterday. They fell 9 basis points instead. In other news, Bill Ackman is closing his much-publicised short position in long-dated Treasuries. Has anyone received more good press out of the Treasury sell-off than him? Email us: robert.armstrong@ft.com and ethan.wu@ft.com.
For 99 per cent of investors, there really is nothing else to do, and if your business depends on retail investors doing something else, you are probably in a wretched business. To argue that higher interest rates and higher volatility will bring back the “stockpickers’ market”, saving active management as a retail investment product, is to place hope above experience.