Billionaire Ken Fisher’s eponymous firm appears to be betting that the longest-dated US bonds will rally, a contrarian stance that seeks to capitalize on yields close to their highest in two decades. Fisher Investments was the driving force behind a record $4 billion influx of cash earlier this month into a BlackRock Inc. exchange-traded fund that invests in US Treasuries dated 20 years or longer, according to analysts and data reviewed by Bloomberg. This was accompanied by a similarly-sized outflow from a separate BlackRock Treasury fund with a shorter average maturity, suggesting a switch to further out the yield curve.