Dec

10

 Let us not forget that the reason old fogies buy treasury notes is to receive a positive real return over their holding period, rather than engaging in some sort of fancy i'm-smarter-than-the-next-guy leveraged speculative antics.

Are these not-so-stupid antediluvians salivating to buy bonds after this shellacking– taking long positions off the hands of catch-the-falling-knife-regardless-of-value speculators?

The real yield on the 5 year TIP is now (drum roll please): 00.01%

As my mom used to say when she gave me my fifty cents allowance.

"Don't spend that basis point all at one time."

(P.S. My mom didn't know about moving average crossovers.)


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