Since we highlighted the action in T-bills yesterday and the day before, it’s worth at least mentioning what TIC had to say about the instruments. Foreigners had been reducing their holdings of them not out of growing distaste but rather the opposite. There’s not nearly as many of them, not enough for what’s demanded, the Treasury Department quite purposefully (and [...]
This just in: You can't take the same actions as everyone else and expect to outperform. Non consensus ideas have to be lonely. By definition, non-consensus ideas that are popular, widely held or intuitively obvious are an oxymoron. I'm convinced that everything that's important in investing is counterintuitive, and everything that is obvious is wrong. Unconventional behavior is the only [...]
Interest rates, as measured by the 10 year Treasury note, are up roughly 100 basis points (1%) from the low yields set last year of about 1.4%. That has everyone and his brother calling for the end of the great bond bull market that has been going on all my adult life. The 10 year Treasury note peaked in yield [...]
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