Interview: Anleiheexperte Dietrich: „Bonds sind günstig und unbeliebt – und deshalb attraktiv"

Benjamin Dietrich, the head of global bonds at Lazard, believes that despite recent uncertainties in US Treasuries, American government bonds are currently "cheap and unpopular, and that's why they're attractive." He argues that investors should be countercyclical, investing in assets that are expensive and popular. Dietrich also points out that the real yield of US government bonds is significantly higher than the dividend yield of broader stock indices, which is a historically rare situation.

He suggests that bonds are becoming a significant competitor to stocks. While Dietrich doubts that US Treasury Secretary Scott Besse could significantly influence bond markets through interventions, he acknowledges the size of the market and the difficulty in controlling it.