Mean reversion traders, I want to understand the conviction on bonds. Your thesis treats yields as “stretched”. But the mean assumes the regime/underlyjgn trend hasn't changed, and a lot has, right? persistent deficits, heavy treasury issuance, a higher term premium, and foreign buyers who are no longer the price-insensitive bid they used to be… None of that shows up in a z-scores… So how do you justify ignoring it? Are you assuming these pressures fade, or just that history rhymes? Also, is it
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