{"podcast":{"title":"Excess Returns","slug":"excess-returns-902655","podcast_index_feed_id":902655,"rss_url":"https://anchor.fm/s/9a1dfac/podcast/rss","website_url":"https://excessreturnspod.com","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/1516035/1516035-1743436234284-87994a171a4a2.jpg","author":"Excess Returns","episode_count":560,"summary":"Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.","last_synced_at":"2026-09-13T06:18:13.262156+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655"},"episode":{"title":"Everyone Hates Bonds. Why Two Bond Managers Say You're Hating the Wrong Ones","slug":"everyone-hates-bonds-why-two-bond-managers-say-you-re-hating-the-wrong-ones","published_at":"2026-09-10T19:10:48+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655/everyone-hates-bonds-why-two-bond-managers-say-you-re-hating-the-wrong-ones","show_page_url":"https://stenobird.com/podcast/excess-returns-902655","url":"https://podcasters.spotify.com/pod/show/excess-returns/episodes/Everyone-Hates-Bonds--Why-Two-Bond-Managers-Say-Youre-Hating-the-Wrong-Ones-e3olrn7","audio_url":"https://traffic.megaphone.fm/APO1597908959.mp3","summary":"John Kerschner and Michael Contopoulos of Janus Henderson join Matt Zeigler to explain why persistent inflation and higher interest rates call for a different approach to bond investing. They explore short-duration bonds, AAA CLOs, mortgage-backed securities and how investors can rethink the fixed income allocation in a 60/40 portfolio. The conversation covers why traditional bond benchmarks may deliver too much interest rate risk for their yield, how ETFs expand access to securitized credit, and why the AI buildout could add to inflation rather than solve it. High-Conviction Views: The time for short-duration bonds https://www.janushenderson.com/en-us/advisor/article/high-conviction-views-the-time-for-short-duration-bonds/ Janus Henderson Investors https://www.janushenderson.com/en-us/advisor/ Topics covered: Why deglobalization, fiscal spending and labor constraints could keep inflation and interest rates elevated How the Bloomberg US Aggregate Bond Index concentrates interest rate risk and leaves out large parts of the bond market How AAA CLOs work, why their coupons float, and why they are different from cash Why tight corporate credit spreads may offer insufficient compensation for the risks investors take The three jobs of fixed income: safety, income and insurance How duration determines whether rising rates can wipe out a bond portfolio's income Why bond ETF discounts can reflect price discovery when underlying bonds are not trading How Treasury borrowing and AI hyperscaler debt issuance affect bond supply and relative value Why AI capital spending, electricity demand, labor shortages and wealth effects can create inflation How to rebuild the bond allocation around securitized credit, agency mortgages and the risks in your equity portfolio Timestamps: 00:00 Ret…","meta_description":"John Kerschner and Michael Contopoulos of Janus Henderson join Matt Zeigler to explain why persistent inflation and higher interest rates call for a diffe…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3925,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/everyone-hates-bonds-why-two-bond-managers-say-you-re-hating-the-wrong-ones/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/excess-returns-902655/everyone-hates-bonds-why-two-bond-managers-say-you-re-hating-the-wrong-ones.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}