The 🐿️ takes a look at the long bond again.
Our insurance policy against US rates market meltdown ($TLT Acorn) needs to be rolled. Much has changed but we still want the insurance.

Summary
The economic picture remains confusing. As / when / if [delete as appropriate] the US recession hits, a very large crowd is convinced that an overweight position in long dated treasuries will protect their portfolios.
The 🐿️ is not convinced. We need to renew the treasury market meltdown insurance that we put in place back in April and think it looks even more interesting this time.
The 🐿️ takes a look at the long bond again.
Back in April, we published this Acorn (link 👇), contemplating forms of insurance against an ‘accident’ in the US Treasury market. The Acorn was a put option structure on TLT, the iShares 20+ Year Treasury Bond ETF (with a long-only alternative in the form of PFIX 0.00%↑ for those that don’t use options). It’s time for an update.
So, let’s take a look at what has shifted in terms of price and narrative.
Back in April, we w…