Bond Outlook [by bridport & cie, May 2nd 2007]
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If Cheney’s investment manager says it, and it is reported by Bloomberg, then the opinion takes on near official status: the current bubble is now global in terms both of countries and asset classes. Thus says Jeremy Grantham of GMO (Boston). We feel in sympathy with this view, having stated in this Weekly many times that the extra spread attached to higher risk in our field of specialisation, fixed income, is inadequate. |
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