Can Apple really be safer than the U.S. government?

In this episode of the Alpha Architect Roundup, we explore the odd disconnect between credit ratings and market pricing. Apple holds a higher rating than the U.S.—but Treasury yields suggest otherwise. What does that say about risk perception, inflation expectations, and the role of bonds in your portfolio?

In this episode, we discuss:

– The disconnect between credit agencies and bond market pricing

– The bond market’s lackluster performance post-2022

– Rising tariffs and their impact on inflation

– Momentum’s underperformance despite a strong market

– Whether T-bills are still the “risk-free” rate

– Practical strategies for managing long-term macro uncertainty

Sources:

– "Why Are Bond Investors Contrarian While Equity Investors Extrapolate?

Understanding Return Expectations, Part 3" by Antti Ilmanen. AQR.

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