Matthew Tuttle, CEO of Tuttle Capital Management (TCM), stated at a press conference in Yeouido, Seoul, on September 8, 2026, that he considers bonds uninvestable at present interest rate levels. His primary reasons include the unsustainable levels of government debt globally and the expectation that inflation will drive rates even higher. Tuttle believes that current interest rates do not adequately compensate for these risks, and bonds would only become attractive after rates increase substantially from their current levels.
Tuttle also expressed skepticism regarding official inflation statistics. While the official U.S. inflation rate is reported at 3.5%, Tuttle estimates the actual rate to be significantly higher, personally experiencing it at around 11-12%. He suggested that bond yields would need to reach similar levels to his perceived inflation rate before he would consider investing in them, clarifying that this assessment is his personal judgment rather than an official economic forecast.
Despite his concerns about traditional fixed income, Tuttle identified new investment opportunities, particularly in sectors that are expected to become bottlenecks for artificial intelligence (AI) expansion. He specifically named memory, photonics, and the space industry as promising areas for investment. Tuttle's inclusion of the space industry stems from his belief that data centers and other large-scale infrastructure, including power generation and mining, will eventually be built in space, making it a critical future component of the AI ecosystem. He also noted that AI bottlenecks are dynamic and will evolve with technological advancements, requiring continuous reevaluation of investment strategies within the sector.
Tuttle leads Tuttle Capital Management, a Connecticut-based independent U.S. ETF manager founded in 2012. As of July, the firm manages approximately $5 billion across about 70 active ETFs. In other comments, Tuttle dismissed claims that single-stock leveraged ETFs were responsible for a sharp decline in the domestic stock market in July, arguing that investors would use alternative instruments like options or individual stock futures if leveraged ETFs were not available.
Separately, Tuttle has also expressed concerns about market risks, pointing to hotter-than-expected inflation figures and the potential for AI disruption. He cautioned that increasing AI-driven infrastructure spending could exacerbate inflationary pressures by driving up demand for scarce resources, which would in turn prevent the Federal Reserve from adopting a dovish stance. He has also highlighted the systemic risks associated with private credit, noting that if these issues worsen, they could spread to other areas, particularly regional banks.
