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Gross's Burning Bond Market Fails To Frighter Investors
Excellent article. Excerpt: “ 'The greatest irony here is the perception of safety in a fixed-income security,” said Mitchell Stapley, chief fixed income officer at Cincinnati-based Fifth Third Asset Management. “As the head fixed-income guy here, when I look at bonds today, they scare the hell out of me.' "
Speaking of burning: Elton John's "Burn Down the Mission" - NY 1999
Two thoughts, from others; regarding this interesting musical choice regarding burning and bonds....
1. This is about a man during the times of the American Revolutionary war per Bernie Taupin. It's England that is referred to in 'look to the East to see where the fat stock hide' & George III is the one 'behind four walls of stone the rich man sleeps.'
2. In many areas around the world, the "mission" was a place of residence owned by the Roman Catholic church, where priests could engage in the conversion of heathens to christianity. Many times these missions were protected by soldiers or free men who served a higher power, such as a royal family or the papacy.
Many times these missions were not welcome, especially when poor, starving people would look and see missionaries and priests eating well, and living under good shelter. This was especially true when the hypocrisy became apparent between what the church preached and what it actually did.
I think the song simply reflects an uprising by the people who the missionaries are trying to convert. They are freezing and starving and have had enough. They burn down the mission for warmth and shelter. At the end.. the high powers come to seek justice and drag the man, who we must assume is the ringleader, away.
As to the original linked aritcle..... said Mitchell Stapley, chief fixed income officer at Cincinnati-based Fifth Third Asset Management. “As the head fixed-income guy here, when I look at bonds today, they scare the hell out of me.' "
Wondering if any other area of investing scares him? I only want to see his investment portfolio in June of 2008 and February of 2009. This will answer my question.
Catch, Thanks for clearly explaining these lyrics that have long perplexed me. Very interesting history. Actually, that's close to what I had in mind. Burning the mission was an act of survival for those who did it. Per Ted's linked article, unloading (burning) bonds while one still can at decent prices might resemble a similar act of survival.
Reply to @Accipiter: actually all credit levered closed end funds are burning for the second day. they have been up in geometrical progression recently and traded at record premiums to NAV. if this downward spiral continues, it will make for a much better entry point -- closer to NAV. if it continues for much longer, i'll be in a poor house though.
Comments
Speaking of burning: Elton John's "Burn Down the Mission" - NY 1999
1. This is about a man during the times of the American Revolutionary war per Bernie Taupin. It's England that is referred to in 'look to the East to see where the fat stock hide' & George III is the one 'behind four walls of stone the rich man sleeps.'
2. In many areas around the world, the "mission" was a place of residence owned by the Roman Catholic church, where priests could engage in the conversion of heathens to christianity. Many times these missions were protected by soldiers or free men who served a higher power, such as a royal family or the papacy.
Many times these missions were not welcome, especially when poor, starving people would look and see missionaries and priests eating well, and living under good shelter. This was especially true when the hypocrisy became apparent between what the church preached and what it actually did.
I think the song simply reflects an uprising by the people who the missionaries are trying to convert. They are freezing and starving and have had enough. They burn down the mission for warmth and shelter.
At the end.. the high powers come to seek justice and drag the man, who we must assume is the ringleader, away.
As to the original linked aritcle..... said Mitchell Stapley, chief fixed income officer at Cincinnati-based Fifth Third Asset Management. “As the head fixed-income guy here, when I look at bonds today, they scare the hell out of me.' "
Wondering if any other area of investing scares him? I only want to see his investment portfolio in June of 2008 and February of 2009. This will answer my question.
Take care,
Catch
Catch, Thanks for clearly explaining these lyrics that have long perplexed me. Very interesting history. Actually, that's close to what I had in mind. Burning the mission was an act of survival for those who did it. Per Ted's linked article, unloading (burning) bonds while one still can at decent prices might resemble a similar act of survival.
Good to hear from you Catch.
http://www.google.com/finance?q=NYSE:PHK