No. of Recommendations: 3
Well, I think these notes are an interesting pair to follow, but no longer attractive.

The long bonds moved to $93, and the '23's are at $102-103 now.

The interesting thing about these notes is that they have a counterbalance to inflation because Leucadia perceived and real credit quality should rise dramatically in the event of inflation.

I think the recent action is just part of the snap back in price from an unjustified decline. Probably in the realm of fairly priced now in my opinion.

Ben
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