Institutional Fixed Income Intelligence

The bond market
doesn't lie.
Neither do we.

Twenty years of institutional fixed income experience — not commentary from the sidelines, but real portfolio management with real money on the line. The gap between the official narrative and what sophisticated actors are actually doing with their capital is where the real signal lives.

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20+
Years Institutional Fixed Income
CFA
Charterholder, 2015
655+
Subscribers & Growing
44
Episodes Published
2K+
Watch Hours / Month
Current Macro Thesis

The positions most people haven't priced in yet

Fixed income signals appear in institutional portfolios before they become mainstream narratives. These are documented positions — not opinions — backed by balance sheet analysis and market structure.

01
Apollo / Athene Insurance Float
The entire annuity market is being financialized simultaneously. The implicit government backstop creates moral hazard regulators haven't addressed.
02
Software ARR Collateral Impairment
AI is collapsing the marginal cost of software functionality. The private credit loan books backed by ARR are the next invisible damage.
03
The Basis Trade Liquidity Snap
Hedge funds running Treasury basis trades at 50-to-1 leverage replaced central bank buying. A hedge fund can be margin-called. The Fed cannot.
04
Kevin Warsh — Most Misread Fed
Consensus reads Warsh as a dove. Wrong. He is a balance sheet hawk. The market will test him and be surprised by what he does.
Latest Videos

The analysis Wall Street
charges for

All Videos →
Episode 31 · April 2026

I Run a Fixed Income Portfolio. Here's the One Risk Most Investors Are Completely Exposed To.

Duration risk destroyed bond portfolios in 2022. The worst year in 250 years of US bond market history. Most retail investors still don't know what hit them.

Duration Risk · Series Part 1 Watch
Episode 27 · April 2026

Druckenmiller Just Confirmed What the Bond Market Has Been Pricing for Two Years

When the smartest money confirms what the bond market has been saying for two years, you don't ignore it. Here's the full read.

Macro · 1,000+ Views Watch
Episode 26 · April 2026

The Petrodollar Is Cracking

82.8% YouTube suggested placement on this one. The petrodollar system is unwinding in slow motion and the bond market is pricing the consequences before equities see it.

Macro · Top Performer Watch
About

Not a finance creator
who learned about bonds.
A bond professional who makes content.

The gap between the official narrative and what sophisticated actors are actually doing with their capital is where the real signal lives. Bonds price that gap honestly.

The Bond Bro is built on 20+ years of institutional fixed income experience — major asset management firms, institutional trading desks, and over a decade managing Municipal SMA portfolios at a major regional investment manager.

Every major market stress event of the past two decades: the GFC, European Debt Crisis, the US Debt Downgrade, the Taper Tantrum, the COVID shock, the 2022 rate cycle. Not watched from the sidelines. Managed through, with real money, real risk, real accountability.

The channel's thesis is simple: the bond market is the purest arbiter of risk in existence. It has no incentive to be optimistic. When it disagrees with equities, the bond market is right.

2004
B.S. FinanceFoundation
2004–12
Major Asset Management FirmMunicipal Fixed Income — Institutional Portfolio Management (8 years)
2012–13
Regional Investment BankHigh-Yield Municipal Fixed Income Trader — Personal Trading Book
2014–
Regional Investment ManagerManaging Municipal SMA Portfolios (present)
2015
CFA CharterholderCFA Institute
2026
The Bond Bro — Channel LaunchPositive Carry LLC
All content free until May 1 — morning notes move to Premium after that.
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The Dispatch

What the bond
market is pricing
before the open

Free
The Dispatch
Free — always
  • Sunday Setup — week ahead framework and rate picture
  • Wednesday Written Analysis — companion to latest video
  • Friday Recap — how the week's thesis held

Every morning, before the open, the bond market is already pricing in what equity investors won't figure out until afternoon. Sovereign yields. Credit spreads. The full US yield curve. Institutional news.

Twenty years of daily market commentary — internal briefings, institutional analysis — before most people had finished their coffee. The Dispatch is the first time any of it has been public.

"This product does not exist anywhere in the retail market at any price."

CFA credential. 20 years on the institutional fixed income desk. The demographic CPM this audience commands is $80–200+ vs $30–50 for general finance. The morning note is the core product.

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