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28 Mar: The End of The Financial Supercycle

Since I graduated college nearly 35 years ago the yield on the 10-Year U.S. Treasury bond has declined from near 16% to today’s 2%-2.5% trading range level. This tells an important story. The massive decline in yields on all financial instruments during this period…


21 Jan: The Dangers of Misunderstanding Liquidity

On a recent trip to New York, I was confronted with a recurring question as I circulated among business associates and financial reporters over several days of meetings. They wanted to know, what did I think of the looming liquidity crisis in bonds? My reply was…


01 Dec: The Appeal of Short Duration Investments

As a fund manager I find myself speaking to investors nearly daily.  This gives me a unique insight into the thought patterns of investors, what they value, what they fear, and their predilections. Not surprisingly, investors get very excited very easily, and often…