"Unfortunately, the quote was attributed to "a veteran market observer".I find the claim difficult to accept as fact at least without several qualifications. Anyone else have any thoughts?"As I understood the reference in context, the person writing the piece for Vanguard dismissed the quote as apochryphal (i.e., it's a saying that calls attention to the seriousness of risk in the bond market, even though it probably shouldn't be taken literally). Unfortunately, most people are terrible at understanding the context or nuance of what they read, and tend to take meaning out of context or miss irony or intentional exaggeration, so if I were editing for Vanguard (and was on my toes), I'd have said: very cute, axe it.How many people know that the "Neither a borrower or a lender speech" from Hamlet was put, by Shakespeare, in the mouth of the equivalent of the information minister for the court, sending off his son with trite advice. In context, this is hardly advice we are supposed to heed? (We may note that one of the few facts known about Shakespeare is that he was a highly successful money-lender, or usurer, to cite the usual description.)
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