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#4: Bill Fleckenstein on Central Banks, Financial Bubbles and White Burgundy
Superinvestors and the Art of Worldly Wisdom
The Bon Vigilani's and the Bond Market
The Bon Vigilani's got credit for the backup and rates when Volcker was involved. But more likely, it was the yield pigs who like to take bonds and lever them up that couldn't lever them up. When the curve is inverted, they can lever them up when it's normalized. And so what I do mean to say is at some point, coupon clippers fixed income owners will say, look, I'm not taking this 2% coupon or 1% or minus 10 basis points when inflation's running at 2, 3 or whatever.
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