(The Big Picture-Barry Ritholtz) Strange things are afoot at the biggest bond fund in the world. A weird sense of panic seems to be emanating from the West Coast fixed income specialists.
I suspect it may have something to do with with the fact they are loaded to the gills with paper from Fannie & Freddie (FNM & FRE) -- a trade that has worked out exceedingly well. Despite this -- or perhaps because of it -- the latest noise from the boys from Newport Beach is increasingly odd, even desperate sounding.
I do not know if they are genuinely terrified of a major meltdown in the global economy. Maybe they are looking for an exit, and not finding one.
Read the entire article
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment