Bond Market Leaking As Investors Revolt with Bill Fleckenstein

Interview recorded - 23rd of January, 2025

On this episode of the WTFinance podcast I had the pleasure of welcoming back Bill Fleckenstein. Bill is a professional money manager with over 30 years of experience. He writes a writes a daily column and is the author of “Greenspan’s bubbles: the age of ignorance at the federal reserve”.

During our conversation we spoke about his thoughts on the markets, the bond market leaking, how Scott Bessent can balance it, whether bond market is losing faith in the government, passive investing, what this means for the 60/40 portfolio and more. I hope you enjoy!

0:00 - Introduction
1:40 - Overview of markets
6:17 - How does Scott Bessent balance issues?
8:42 - Means tested social security?
11:57 - Losing faith in the government?
13:57 - What happens to yields?
15:22 - FED made a mistake
16:47 - Dollar rally over?
18:22 - What does Trump want?
19:48 - Bill’s views on markets
21:44 - Passive investing influence on markets
24:12 - Increasing unemployment negative to markets
26:07 - Why have miners not performed?
28:27 - Speculative asset?
32:59 - Shift away from 60/40 portfolio?
35:47 - One message to takeaway from conversation?

Bill Fleckenstein is president of Fleckenstein Capital, a money management firm based in Seattle. He writes a daily Market Rap column for his website, Fleckensteincapital.com, as well as the popular column Contrarian Chronicles for MSN Money.

Bill Fleckenstein began writing a daily column on the Internet in 1996. Initially, the Market Rap was a daily recap of market events, with an added "Yes, but..." emphasis. "I quickly learned that the contrarian viewpoint was often misrepresented and under-reported. Since then, my daily column has always called it like I see it. I've tried to write the column in a way that even the novice investor can understand. I believe it's better to teach someone how to fish, rather than just give them an occasional fish."

Bill Fleckenstein - 

Website: https://www.fleckensteincapital.com/
Twitter: https://x.com/fleckcap?lang=en

WTFinance -

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