Select Stories, 30-Oct
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Great metaphor from one of the top global investors. Key passage at bottom. He’s basically saying, it’s not safe to move beyond cash, treasuries at present, but as credit markets stabilize due to government support (TARP, etc.), short term treasuries give way to agency bonds, then bank capital (bonds and preferreds). Equities not on the radar except for the portion of your portfolio cleary marked “Risk Capital”. This last point is not surprising given that he manages the world’s largest bond funds
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