Group 1 - The core viewpoint is that investors are increasingly favoring short-term bonds, as evidenced by the performance of BlackRock's 0-3 month Treasury ETF (SGOV), which has surpassed the assets of the long-term Treasury ETF (TLT) [1] - SGOV has become a safe haven for cautious cash holders, reflecting a shift towards low-volatility short-term bonds while moving away from the pricing difficulties associated with long-term monetary policy risks [1] - The appeal of cash has driven money market fund assets to a historic high of over $7 trillion, contrasting with TLT's significant value decline of approximately 40% despite attracting hundreds of billions in inflows [1] Group 2 - Strategas' senior ETF strategist Todd Sohn notes a growing preference for low volatility and stable returns, as many investors recognize the substantial volatility associated with holding long-term bonds [2] - Sohn emphasizes that the volatility level of long-term bond funds is comparable to that of the S&P 500 index, suggesting that unless one is extremely pessimistic about the economy and believes interest rates will collapse, the additional volatility of TLT is not justified [3]