In short: Prefers EM debt — much higher yields and a better fundamental backdrop; EM bonds make new highs while developed bond markets make new lows.
EMB is a fund holding government bonds of emerging-market countries, priced in US dollars. Hay prefers these to US Treasuries for two reasons: they pay much higher yields (the interest you collect), and he thinks the underlying finances are actually healthier.
The evidence he points to: over the last few years emerging-market bonds have made new price highs while bonds in the rich, developed world have made new lows. In plain terms, money has been quietly favoring EM debt — and he expects that to continue.
2:37So, I I think that you're right. I think there is some appeal there. We tend to prefer emerging market debt still uh because you can get so much higher yields and I think you've got a much more positive fun fundamental backdrop and if you look at the last three or four years those bond markets are making new highs while the developed bond markets are making new lows in price which means new buys in yield.
Nothing matches this filter.
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.