[Citadel's Frank Flight warns of a painful bearish unwind](https://www.marketwatch.com/story/wall-streets-massive-bet-against-long-term-bonds-is-a-recipe-for-a-painful-bearish-unwind-says-citadel-securities-430dc145?mod=mw_rss_topstories) in long-term bonds — and he's right, but he's missing the trade. When $1T+ of crowded shorts squeeze, the de-risking cascade doesn't stop at duration. It triggers a rotation INTO real assets: energy, commodities, and supply-constrained plays.

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