The Great Bond Selloff: Why Fixed Income Is Having Its Worst Month in Years

**Justin Klein** (0:00)
This time of year always makes me rethink what's in my closet. I'm trying to keep fewer things, but better ones. Pieces that are well made and easy to wear all the time. That's why I keep coming back to quints for everyday essentials. The fabrics feel elevated, the fits are thoughtful, and pricing actually makes sense. Quints makes high quality everyday essentials using premium materials like 100% European linen, and their insanely soft, flow-knit activewear fabric. Their men's linen pants and shirts are lightweight, breathable, and comfortable. Basically, the perfect layer for spring. The pants strike the right balance between laid back and refined, so you look put together without trying too hard. And their flow-knit activewear, moisture wicking, anti-odor, and soft enough that you'll actually want to wear it all day.
The best part is that their prices are 50 to 60% less than similar brands. How? Quince works directly with ethical factories and cuts out the middlemen, so you're paying for quality, not brand markup. Everything is designed to last and makes getting dressed easy. That jean jacket that I picked up a few months ago, I'm still wearing it. It fits great and still looks really good.
Refresh your wardrobe with Quince. Go to quince.com/invest for free shipping and 365-day returns. Now available in Canada too. Go to quince.com/invest for free shipping and 365-day returns. quince.com/invest.

**SPEAKER_2** (1:45)
On radio, on YouTube, streaming live on investalk.com and for our podcast subscribers, this is Invest Talk, independent thinking, shared success.
Invest Talk is made possible by KPP Financial, a registered investment advisor firm serving clients throughout the United States. Here is KPP Financial portfolio manager, Luke Guerrero.

**Luke Guerrero** (2:16)
Good afternoon, fellow investors, and welcome to the Thursday, April 2nd, 2026 edition of Invest Talk. I'm your host, Luke Guerrero, and I'll be with you over this next 50 minutes as we round out a holiday shortened trading week. That being said, we got plenty to do, so let's kick it off right now by tackling our first caller question.

**SPEAKER_4** (2:42)
Hi, I'm calling today to get to a quick analysis on a kind of smaller energy, oil, and gas company. WHD is a ticker symbol, Cactus, Inc. Just wondering if you think this is a good company and what would be a good buy point if you like it all. Thank you very much. Appreciate what you guys do.

**SPEAKER_5** (2:58)
Bye.

**Luke Guerrero** (3:01)
WHD is Cactus, Inc. What they do is they design, manufacture, and rent well head and pressure control equipment for offshore oil and gas drilling. Year to date, they're up 4.62%, up 1.62% over the past three months, and pretty much flat over the past 52 weeks. It is a $3.7 billion market cap company. Not much debt, only about $25 million in debt.
And in February, they reported Q4 2025 revenue down 1% annually with adjusted EBITDA beating estimates. Now, looking ahead, management did guide their revenue in both their pressure control segments and international segments higher than expected, really keying in on growth from that international segment. If you look at the stock, it's been a bit of a wild ride, currently sitting at $47.79 per share, but it sat in like the mid 30s for most of 25, the nearly doubled to about 60 between October of 2025 and February of this year. It was driven almost entirely by an acquisition closing, which roughly doubled their addressable market cap and gave it that serious international exposure that it's continuing to build on here. If everything were to go well, it would be because this company has, well, a pretty clean balance sheet, right? It is well-run. It is one of the best run oil services names. They have zero debt, disciplined capital allocation and a track record of growing market share while enabling them now to reach international customers. But at the same time, it's not all about the international game. Their US rig count, it's declining. Their core domestic pressure control business faces a bit of a headwind. And so their margins, well, their margins are set to contract as well. Return on equity slipping to 13.6%. And with all that, it's trading a bit below their average for looking price to earnings of 15.5.
Bottom line, I mean, it is a best in class operator. They did a transformational acquisition. But for me, their growth falling as much as it has within their domestic segment, which is the core of their business, is a bit too worrisome for me to want to enter here. That is WHD, Cactus, Inc.

**Justin Klein** (5:50)
Thanks for the call.

**Luke Guerrero** (5:52)
We got another great show planned for you today, including our main focus point, which concerns this question. The great bond sell-off. Why fixed income is having its worst time in years? Global bond prices are headed for their biggest monthly decline in years. In fact, they achieve that as geopolitical tensions stroke fear of sustained inflation and economic disruption. The bond market route is forcing investors to reconsider their fixed income allocations as traditional safe havens lose their appeal.