What I’m seeing as I mark myself to market --as I do each weekend across my 300 plus positions in individual bonds spread across Treasuries, Agencies, Munis, Corporates, Convertibles, and Foreign Sovereigns-- is that the higher-quality stuff is being sold, and the lower-quality stuff is doing quite well. In other words, bets that are purely (or almost purely) an interest-rate bet are losing money. Bets that are mainly based on an issuer’s credit-worthiness are doing well (or poorly) based on the merits of the underlying, overlaid by a bit of speculative enthusiasm. Said another way, bond traders and the smart money are unwinding. Bond investors and the dumb money continue to flood into the fixed-income markets. Charlie---------------------http://www.portfolioprobe.com/2011/06/17/bubble-anatomy/bubb...
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