Would you pick a random bond? The question is if there is a good type of asset. One anyone would just keep. To your words Druckenmiller "makes money by buying b

Would you pick a random bond? The question is if there is a good type of asset. One anyone would just keep. To your words Druckenmiller "makes money by buying bonds." That involves a) picking them b) selling them and doing both right. I don't think the average person does 30%. If Druckenmiller can send us his tips on the ultimate bond that is inefficient, I am all ears. But I wouldn't know how to pick a mispriced bond myself. Edit: But yes, you can make money during a recession. If there is a lot of inflation that might not count as much. I don't think I implied you can't with my statement. But even where you place your money is a game then -- think Lehman Brothers taking hedge fund liquidity down with it.