"Does Anybody Really Know What Time It Is?" Bonds Don't Care - Macro Market Update by Les Parker

07-21-2026 "Does Anybody Really Know What Time It Is?" Bonds Don't Care

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(Bonds don't) Does anybody really know what time it is? (Care) Does any rally really care? (About time) If so, Bonds can't imagine why. (Oh don’t sell) They've all got time enough to buy.

The more things change, the more they don’t. The nature of a big system hides micro tragedies. Consider how mortgage rates have stayed within a 100 bps band for three years, but volatility has ranged from 2 to 5.

Imagine at 2 you make your gross margin, but net profit declines and eventually turns negative as volatility increases. The point is that the speed of change is more dangerous than change itself.

Buy or sell, Bonds don’t care.

These views are mine. Join TMSpotlight to know when time matters.

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Song: Does Anybody Really Know What Time It Is (1969)