Whither Bonds, after the Demographic Dividend?
CFA Institute Conference Proceedings Quarterly, Vol. 32, No. 1, First Quarter 2015
16 Pages Posted: 8 Feb 2017
Date Written: October 1, 2014
Deficits, levels of debt, and demographics are deeply interrelated. Demographics have a major impact on GDP growth as well as on investment returns. The long-term headwind that can be expected in the 21st century compared with the demographic dividend (i.e., tailwind) of the 20th century has serious implications for bond investing. But there are still investment opportunities that can be found today.
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