New Delhi, Oct. 7 -- Two strategists who have long shunned government bonds are making the case to buy long bonds.

Since 2022, Gavekal Research co-founder Anatole Kaletsky has recommended investors avoid sovereign debt from the seven major advanced economies. In a note on Tuesday, he was championing 10- and 30-year U.S. government bonds. Founder of Bianco Research, Jim Bianco, also turned around on long-duration U.S. government debt for the first time in six years last week.

Optimism is beginning to emerge in the bond market even as long-duration Treasuries get hammered.

The $47 billion iShares 20+ Year Treasury Bond exchange-traded fund has dropped for 10 straight days-its longest ever losing streak. But investors hoping for a reversa...