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Andy Constan, founder / strategist at Damped Spring Macro, questions the value of using historical bond charts that reflect a period when interest rates fell by 170 basis points from 2016 to 2020.
Constan suggests a forward-looking approach for assessing bonds, arguing that relying on trends from declining-rate eras may offer little guidance for the next four years.
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Constan has previously refuted inaccurate reporting on Oracle's $7.5 billion share sale, clarifying the SEC filing process in a prior article. He has also warned of risks in S&P 500 earnings expectations, citing limited GDP growth and the need for significant capital issuance in an earlier note. Constan’s recent comments extend his scrutiny to methodologies used in current market analysis.