This year has been a notable exception, and it's not my opinion. I put out the swite many times youlk ot the top 50 draw downs for the s am p pike to trough going back to 19 61. Usually treasuries either make money when stocks are in those big declines, or are at least down a lot less this year. And people seeing that would say, well, it looks like your approach forgot to go risk off. But you're in a weird anomaly where treasuries and stocks are basely acting the same. Youve seen those stacks just herebutelsst one of the biggest yield spikes in history by some metricst he centuries, looking

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