, Columnist
Buying the Bond Dip? Pay Attention to Tactics
Confusing them with strategic shifts can be painful — just ask hedge funds that rode the FANG pandemic rally.
Get your tactics right.
Photographer: Three Lions/Archive Photos/Getty Images
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There’s a difference between strategy and tactics. It’s as well not to get them mixed up. This applies to central bankers, stock and bond investors, politicians, and military leaders. The distinction is important to keep in mind at a time like this.