What's Your Favorite Trade This Year?

I think that your curves moved a little too much. For all of the years I've been in finance, there was term premium and duration risk priced in the bonds. There is none today. That doesn't make a lot of sense to me. It's just a good place to be conservative. After stocks have got up 10%, I probably would lean short. You'd go short right now. We're mixed. The two year not a trade. If you had to pick one thing, after stocks have gotup 10%, Iprobably would leanShort.