In short: He likes the vehicle but not the asset class it invests in: "one of my hills to die on is there's not enough yield in fixed income." TYLD is the tactical/trend approach (paired with a value sibling that only moves into risky bond sleeves when spreads are wide enough); the two currently have "not a whole lot of overlap because relative to T-bills, there's just not enough yield in these fixed income markets." He adds a contrarian rate call: "it feels like rates could and should go higher, which I think would surprise a lot of people."
TYLD is Cambria's trend-based bond fund: it moves among the different slices of the bond market — government, corporate, high-yield, different maturities — owning whichever are trending up, and stepping away from those that aren't. A sibling fund does the same job on a value basis, only moving into riskier bonds when the extra yield genuinely compensates for the risk.
He likes the funds; he does not like the asset class right now, and says so repeatedly — "one of my hills to die on is there's not enough yield in fixed income." Compared with simply holding Treasury bills, nothing further out on the risk curve pays enough, which is why the two bond funds currently hold barely overlapping positions. He also makes a call almost nobody else is making: rates "could and should go higher," which would hurt existing bondholders. Read together, that's a reason to treat this as a tool he's holding in reserve rather than a recommendation of the moment.
32:32If you don't put that money to work. So, yeah, I mean, worried about debt, for sure. I think there's a lot of portfolio ways to be exposed to that. We didn't talk about fixed income today. One of my hills to die on is there's not enough yield in fixed income. Our TYLD ETF as a tactical approach, strategic approach to fixed income.
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.