The David Lin Report · Tuesday, September 22, 2026
Jason Shapiro believes that many traders attempting to be contrarian by buying bonds may be making a mistake. He argues that true capitulation, where investors give up on government payments, has not occurred, and current market sentiment suggests the opposite. Shapiro emphasizes the fine line between being contrarian and simply being wrong.
“What would make me a buyer of bonds at this point? If we saw complete capitulation, um, by people. And they gave up and they said, forget it, it's over.”
“Um, and quite frankly, that's not what I'm seeing at all. Um, I'm seeing the opposite.”
“Um, and what I am seeing is people that are doing something that they think is contrarian. Um, but I think they're being stupid.”