Our mission at MRP is to identify investment themes that arise from disruption. The latter term seems to have become synonymous with technological innovation. But, disruptive change can be caused by more than just technological innovations. Indeed, disruptive change can be brought on by business-cycle turning points, government regulations, elections, new business models, and natural events. The changes can arise gradually as tipping points or suddenly when gales of Schumpeterian creative destruction rip through economies. There are several such changes on the horizon that have bearish implications for the fixed-income markets. Looking ahead, bond returns are likely to be, at best, very disappointing . . .

To read more, sign up for aFree 30-Day Trial   of MRP's research, orLog In