Bond Pricing Is Done by Fundamental Long-Term Investors

There are many important things about it but it doesn't actually agree necessarily with the textbooks on the subject which might tell us that the bond pricing is done by fundamental long-term investors. These are people that are forced to buy bonds for either regulatory or for pension reasons. What you can get here are spirals in the financial markets because of leverage that are just as I said right at the beginning we're in a top-seat early world now. A lot of the things are running in reverse. The world has been turned upside down by many of the sort of much of this financial innovation.