In short: "A lot of corporate yields are already over 5% because they're at a spread to Treasuries. So you can easily get 5% in good corporate names" — with additional risk. A way to lock in a plan's 5% required return, and a sector RIA may favour if the long end stays pinned.
Companies pay a bit more interest than the government because there is a small chance they won't pay back. With Treasuries near 5%, many solid companies' bonds already yield more than 5%, so "you can easily get 5% in good corporate names" — in exchange for that extra (credit) risk.
That matters for his planning-first approach. If your financial plan says you only need a 5% return to hit your goals, a 5- or 10-year corporate bond can simply lock that return in, with no need to beat the stock market. He also lists corporate bonds as a sector RIA may prefer if short-term rates fall but long-term Treasury yields stay stuck high.
25:52If you're an insurance company, a pension fund, — and you can lock in, you may say, you know what, I don't need to wait for 5%. Let's buy a little bit here. Let's buy a little bit more higher up. Let's ladder into it. — And a lot of corporate yields are already over 5% because they're at a spread to Treasuries. So you can easily get 5% in good corporate names, — right? — An additional risk, but so it's already there for some investors.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.