Honing in on the bond market, Warren Pierson sees opportunities across the yield curve but focuses on the intermediate sector. “We are concerned about the deficit,” he adds, “we’re spending 40% more than we’re taking in.” He’s monitoring spreads and economic growth (can it outpace the deficit?). Warren sees some potential cracks in corporate debt with the AI capex, along with cracks in the private debt market. He thinks these could potentially signal a downturn.