Gross: Bonds Aren't an Asset, They're a Liability

The video discusses the dynamics of unconstrained funds, emphasizing that they are not directly affected by rising interest rates unless they have a higher duration relative to their benchmark. It explores the appropriate investment duration based on factors like age, risk tolerance, and the yield curve. The speaker expresses a negative outlook on bonds and stocks, highlighting the unattractiveness of bonds in a negative interest rate environment, where they are seen as liabilities rather than assets.

What does the speaker suggest about the performance of the unconstrained fund?

What does the speaker imply about the nature of bonds in a negative interest rate environment?