
#7 A Scotsman and an Englishman
Behind the Balance Sheet
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Is There a Cemetery?
Don't think thar's an awful wa of upside for bond markets here t is a huge amont downside. The second problem is that, as a matter of fact, people have not been good at prodecting the end of the boo market in bonds. Then the third problem is, you still have to do something about it. You can't just run away and hide. And if it doesn't interest st only to get to 20 % for all that stuff not to work and us run even just going from where we are now to five or seven,. which would be more normal. Environment, i think so. I think that's right. We don't quite know when it's
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