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Bloomberg Businessweek
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The Rise and Fall of the Equity Markets
I think it pays to diversify your fixed income and not just keep it all short. It's very tempting to stay at 5%. But at some point, you're going to have a roll-up or a roll-down problem. The market is, when you get 16% plus returns and 12 and a half of that comes from seven stocks and not from earnings, that's all just multiple expansion. That's not really sustainable. There are some good values in the market.
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