The Big Long: Why We Must Scare Investors Out of Bonds

In the financial world, comfort is a silent killer. For forty years, the industry has been swaddled in the warm, comforting blanket of the 60/40 portfolio.

You know the drill: 60% equities for the growth engine, 40% bonds for the safety and portfolio insurance. It was the “set it and forget it” strategy that built careers, funded retirements, and allowed investment committees to sleep soundly and focus on their golf skills.

But as I stood on stage at the Vancouver Resource Investment Conference this year, I had to deliver a message that was decidedly uncomfortable. It is a piece of advice given to me by one of my mentors, and it serves as the central pillar of our 2026 outlook:

It sounds radical. It sounds reckless. But in a world of structural inflation, fiscal dominance, and monetary debasement, it is the only prudent course of action. The old playbook hasn’t just stopped working; it has become a trap. In today’s article, I explain why this is the case, and what it means for you and your portfolio.