Commenting live on Ray Dalio's views is never going to be easy. While we wouldn't add to gold at these levels, over the medium term we see inflation as a key global risk that is under-priced and could undermine major currencies' real values. We explain why in the following Bloomberg interview.
The return investors expect for accepting credit risk is often thought of as the credit spread, minus the cost of downgrades and defaults. But that neglects the significant benefits that can come from credit spreads tightening as bonds get closer to maturity, also called credit rolldown.