Since gains from bond trading are capped by the yield at maturity, but only returns if the bond pays out, the value generated is not from what you buy but what you exclude, avoiding bonds that don’t pay out I.e. the losses you don’t take.
This is a kind of determinate negation, bond management is defined by what it is not.
Links to this note
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Managerial Capitalism Decouples Ownership and Control
The classic model of capitalism (bourgeois capitalism), in which the proprietor of the business fully owns and controls the business, was replaced by managerial capitalism where managers, despite owning small amounts of the company, exhibits full control over the business.
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Why There Aren’t More Engineering Management Blogs
The reason there are far fewer engineering management blogs compared to software development blogs not because there is a small supply of managers who can write blogs, but because managers are secretly worried they are doing it completely wrong (imposter syndrome).