Contrarian, or not, Bill Strazzullo from Bell Curve Trading is most definitely defensive. If you watch the video you will also hear him say that he expects rates at the long end of the U.S. yield curve to drop “significantly”. Of course a drop in rates means an increase in bond prices. Like him, I am also more concerned about the possibility of a deflationary, rather than an inflationary event, in the shorter term. I also think his suggestion to wait before trying to continue buying on dips is advice that I will take seriously.