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« New Year's Resolution #3: Do Not Let an Investment turn into a Trade | Main | Inside a Fed Meeting »

January 23, 2008



In fact it is probably more fruitful to start from the premise that Media explanations are rarely correct. I think that with so much of the recent market activity being driven by market internals - deleveraging of fund positions, reduction in availability of margin for trading books etc. the "need" to explain everything on a daily basis in the context of external events has led to an obsession with "worries over a slowdown" type explanations when in fact the market has been busy dealing with the shift from its 2007 leveraged business model towards a 2008 survival model. The Fed and now the NYID are facilitating the success of that strategy and for me at least, any further developments that are going to sustain positive momentum are now the focus.

Bryan Wendon

Very useful stuff on bond insurers and mortgages. Thank you.

Bill aka NO DooDahs!

I am reminded, by your "gong model," of the Unknown Comic doing a "quick imitation of the first man to land ... on the sun!"

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