I’ve searched this forum, and others, and found some great material regarding equity vs fixed income:
Can anyone offer any opinions on why they prefer one or the other?
Is it safe to say equity is more accounting/artful whereas fixed income is more mathmatically justified?
Is fixed income really as boring as everyone makes it out to be?
How easy is it to switch midcareer from one field to the other?
^ yes, fixed income across the street is down, layoffs abound
But remember that the fixed income market is at least 4x the size of the equity market The US Mortgage market is larger than the US Treasury market too. There’s definitely a need for fixed income managers. What’s happened is that the mortgage bundling frenzy of the 2000s has died, and people don’t want to do so much of that any more. And the CDS and CDO activity is being pared down too. There are still plenty of pension funds and insurance funds and endowment funds (and banks) that need to manage fixed income assets. Admittedly, more endowments are following the Swensen model, which suggests that fixed income is a waste of time, but there is still a correlation advantage to having fixed income in an endowment portfolio.