August 2024. Yen carry unwound. Credit spreads widened. Long treasuries caught the bid. 30-year Treasury yield at 5.29% today. My bond fund $JOJO is built to sit in long Treasuries when credit is broken. Risk-off. Treasuries. That is the point.

In 2002, I was home on a weekend from college. My parents had an RIA and a hedge fund. My father the CIO managing the portfolio. He made a bet thinking the stock market bottomed (early by 6 months) and suffered a terrible portfolio drawdown. All of his family’s net worth was in that hedge fund. I remember sitting outside in the garden seeing tears in his eyes. He thought it was over. They were going to sell the house, and his career as a fund manager was over. I was too young to understand what was going on. In truth I had a very complicated relationship with my father. He was scared and didn’t want to show it to his only son. I remember looking at him dead in the eyes and saying to him “if you can’t come back, if you can’t do it, no one can.” “Get up.” “Get the fuck back up.” That was the bottom. He tripled the portfolio value afterwards in 12 months. I have suffered so much, and I was about to make a terrible mistake just as my bottom might actually be in place. He died in 2008, and I swear to God in heaven I hear him telling me this time that I’m the one that needs to get back up. I write this with tears in my eyes. I’m looking up, to get back up.