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Last fall, anticipating that a crash was overdue, I sold off all bonds that should have been sold off and figured that the higher quality stuff I still held onto would weather the storm.

WRONG! and here's an example. Microsoft's triple-AAA rated, 4's of '55 --that I got into years ago at slight discount to par-- were trading at 138 as recently as March 9. Today, just ten day later, they are trading at 104. That's a helluva paper loss.

Obviously, the selling time is past, and the buying time hasn't yet come. But I'm going to have to go through every one of my positions and figure out which losses I ignore and which I try to hedge.

COVID-19 is a just contagious flu that markets should be able to discount and deal with. But they aren't, because COVID-19 is bringing to the fore structural problems that the Fed has been papering over --literally, with its printing presses-- ever since Easy Al bailed out the counter-parties to LTCM's trades in '98. That's when the real "flu" began --central bank stupidity-- that's going to kill the US/global economy.

Welcome to the Greater Depression.
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