This is only my second blog post and already I’m pushing breakfast back to 2:30 in the afternoon —so decadent!On a more serious note, that was the most convenient time for me to chat with Gibson Smith, co-CIO and portfolio manager at Janus Capital. He was in town, accompanied by Colleen Denzler, head of fixed income strategy, to discuss a new white paper they’ve published on why it is an important time to use active bond management rather than passive—or even a bond ladder. That is, after Gibson finished marking the articles from Financial Planning’s September issue to read on the plane back to Denver.

But I wanted to talk about something else: why so few people had a well-thought-out bond strategy, whereas everyone seems to have a highly researched point of view about equities. Most people I hear talk about bonds seem to share one message: buy them. That’s asking for trouble, especially when we’re in a low-yield environment. (Notice I did not say “bubble.” More on that later.)

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