Bondage and lack of discipline…

Posted on Feb 15, 2013 by in Letters

In bondage to bomds.  Above thirty years (m/l) of interest rates.  The inscrutable march of history dictates that the end is near -- but doesn't give any dependable date.  What do you do about that?  Well you start not sleeping too soundly if your portfolio is heavy into bonds, and you probably start lightening up in that asset.  For our part we shorted the TLT a few weeks ago and the trade is making money.

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