
A 'Cheat Code' for the Bond Market
What Goes Up
We Believe in Liquidity, but When We Have It, We Can Breathe
We believe in liquidity, but is like oxygen for usdand when we have it ow e fell feel great. And so at the end of two thousand n one, we had 20 % in cash, over 20 % cash. The last eight times that the s am p was down in a calendar year, bonds finished up. We haven't had the shareas you well know and now bonds are down a lot. If this could be the worst yeare in recent history, maybe in many, many decades that that bonds have been down this much. That's really different.
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