Before Paul Volcker's influential address, bonds were seen primarily as safe, conservative investments for those looking to protect their savings from the unpredictability of the stock market. Investors traditionally viewed bonds as a secure option for preserving capital, avoiding the risks associated with more volatile financial strategies.

However, following Volcker's speech, the perception of bonds shifted dramatically. They transformed into vehicles for speculation and wealth creation, attracting investors eager to leverage their potential for profit. Instead of merely serving as a safe haven, bonds began to be actively traded and speculated upon, highlighting their newfound status as a more dynamic asset in the financial landscape.