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I see the bond market as being maybe fairly valued now, where it was too expensive for the last 6 years. The way I would look at it, if the bond market is offering me mid-5% yields, I want to start getting in. If it wants to offer me high-5% yields, I want to get

in more. If it gets to six, I want to get in even more. They were too expensive bonds for 6 years. That expensiveness is gone. I wouldn't go as far as call them cheap, but at least we've got this reflected. So, a lot of what I said, the economy strong, inflation is sticky, that

doesn't sound bullish for bonds, but I would argue, yes, and now a mid-5s yield reflects that. A four [music] yield or a low four yield, which we had maybe three or four months ago, did not reflect that. It does now, so that's priced into the market, [music] and that's why I would want to start this shift towards

the bond market. A bear market is time, not price. >> [music] >> And what I mean by that is everybody says, "The stock market always comes back." It does. But, is it going to be 2000 where the market peaks and it comes back in 13 years to a new all-time high? Or is it going to be 2020, during COVID,

where the market peaks and goes down, and in 5 months it makes a new all-time high? >> [music] >> Welcome to the Master Investor podcast with me, Wilfried Frost, where we celebrate and learn from the success of the greatest investors, business leaders, and politicians in the world, giving you, our listeners, an edge. The

Master Investor podcast is sponsored by LSEG, Interactive Brokers, the World Gold Council, and BMY Investments. Please do remember the views expressed in this podcast are for general information purposes only. Nothing in the podcast constitutes a financial promotion, investment advice, or a personal recommendation. More on that in the show notes. My guest today is Jim Bianco, the