The Bond Pivot: Jim Bianco on Why it’s Time to Start Buying Bonds
The Master Investor Podcast with Wilfred Frost
13,891 views
Jim Bianco, President and Macro Strategist at Bianco Research, sits down with Wilf for an in-depth look at global bond markets, central bank policy, and what it means for equities and your portfolio construction.
After maintaining a bearish stance on bonds since 2020, Bianco reveals why he has finally stepped back from that call and now sees value in the bond market. With US yields crossing 5% and global rates surging, Bianco explains why bonds are offering fair value for the first time in years, and why strong nominal GDP growth justifies higher rates as opposed to sending warning signs.
Despite that major pivot, Jim explains why he prefers long-term TIPS over nominal Treasuries to hedge ongoing inflation risks, and explores the risks to his call that come from surging bond yields in Europe and Japan, which could mean there is more downside to come.
Wilf and Jim discuss the evolving nature of the Federal Reserve under Kevin Warsh including why the unanimous 12–0 September vote to hike rates makes it HARDER for the Fed to re-establish their credibility in the short term, with risks of higher yields as a result through the rest of 2026, and enormous competing pressures on the Fed around their next two meetings, which sit either side of the mid-term elections.
They also discuss why rising yields haven’t derailed stocks more; why he thinks Scott Bessent has been forced to make outlandish claims like “I am the house”; why the scale of the US debt problem is overstated; why he is constructive gold, but disappointed by its recent performance; why he loves crypto long term and thinks the failure of the Clarity Act is in fact a good thing.
Finally Jim outlines why a 60/40 portfolio is still sensible long term, but not for the reasons you might think, and why the key question for the next stock market crash is not the level prices fall to, but the time they remain there – “a bear market is time, not price.”
Follow Wilfred Frost on X: @WilfredFrost
Follow Jim Bianco on X: @biancoresearch
Recorded 1st October 2026
0:00 Intro
2:45 Bonds fair value
5:01 Why rates have surged
8:50 Fed still not credible
15:48 Warsh Fed unpacked
23:00 Bessent’s interventions
27:27 Risk of higher yields
29:40 Risk from foreign yields
32:24 High rates for stocks
36:37 Rise of retail traders
40:45 Debt problem overstated
44:40 Gold - constructive but disappointed
45:44 Bull on crypto
50:33 60/40 - still works but for new reasons
53:01 Start to BUY bonds
54:51 Bear Mkt is Time Not Price
For more content like this, subscribe to The Master Investor Podcast Youtube Channel - @themasterinvestorpodcast
And follow @WilfredFrost on X - https://x.com/wilfredfrost?lang=en
and Linked In - LinkedIn: wilfred-frost-279667374
Sponsored by BNY Investments, World Gold Council, London Stock Exchange Group (LSEG) and Interactive Brokers - ibkr.com/masterinvestor.
The Master Investor Podcast is produced by Paradine Productions and Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of the FPO). Such discussion is not a financial promotion requiring approval by an authorised person under section 21 of the FSMA. Investing involves risk. You should consult a suitably qualified adviser who can assess your individual circumstances before making any investment decision
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The Bond Pivot: Jim Bianco on Why it’s Time to Start Buying Bonds
The Master Investor Podcast with Wilfred Frost
13,891 views
Jim Bianco, President and Macro Strategist at Bianco Research, sits down with Wilf for an in-depth look at global bond markets, central bank policy, and what it means for equities and your portfolio construction.
After maintaining a bearish stance on bonds since 2020, Bianco reveals why he has finally stepped back from that call and now sees value in the bond market. With US yields crossing 5% and global rates surging, Bianco explains why bonds are offering fair value for the first time in years, and why strong nominal GDP growth justifies higher rates as opposed to sending warning signs.
Despite that major pivot, Jim explains why he prefers long-term TIPS over nominal Treasuries to hedge ongoing inflation risks, and explores the risks to his call that come from surging bond yields in Europe and Japan, which could mean there is more downside to come.
Wilf and Jim discuss the evolving nature of the Federal Reserve under Kevin Warsh including why the unanimous 12–0 September vote to hike rates makes it HARDER for the Fed to re-establish their credibility in the short term, with risks of higher yields as a result through the rest of 2026, and enormous competing pressures on the Fed around their next two meetings, which sit either side of the mid-term elections.
They also discuss why rising yields haven’t derailed stocks more; why he thinks Scott Bessent has been forced to make outlandish claims like “I am the house”; why the scale of the US debt problem is overstated; why he is constructive gold, but disappointed by its recent performance; why he loves crypto long term and thinks the failure of the Clarity Act is in fact a good thing.
Finally Jim outlines why a 60/40 portfolio is still sensible long term, but not for the reasons you might think, and why the key question for the next stock market crash is not the level prices fall to, but the time they remain there – “a bear market is time, not price.”
Follow Wilfred Frost on X: @WilfredFrost
Follow Jim Bianco on X: @biancoresearch
Recorded 1st October 2026
0:00 Intro
2:45 Bonds fair value
5:01 Why rates have surged
8:50 Fed still not credible
15:48 Warsh Fed unpacked
23:00 Bessent’s interventions
27:27 Risk of higher yields
29:40 Risk from foreign yields
32:24 High rates for stocks
36:37 Rise of retail traders
40:45 Debt problem overstated
44:40 Gold - constructive but disappointed
45:44 Bull on crypto
50:33 60/40 - still works but for new reasons
53:01 Start to BUY bonds
54:51 Bear Mkt is Time Not Price
For more content like this, subscribe to The Master Investor Podcast Youtube Channel - @themasterinvestorpodcast
And follow @WilfredFrost on X - https://x.com/wilfredfrost?lang=en
and Linked In - LinkedIn: wilfred-frost-279667374
Sponsored by BNY Investments, World Gold Council, London Stock Exchange Group (LSEG) and Interactive Brokers - ibkr.com/masterinvestor.
The Master Investor Podcast is produced by Paradine Productions and Master Investor Ltd in association with Bird Lime Media.
This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of the FPO). Such discussion is not a financial promotion requiring approval by an authorised person under section 21 of the FSMA. Investing involves risk. You should consult a suitably qualified adviser who can assess your individual circumstances before making any investment decision