Word: bond
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...year in which nearly all markets plummeted simultaneously due to unprecedented financial turmoil, domestic bonds may have been one of the few well-performing assets in Harvard's investment portfolio. Over the past year, the Dow Jones CBOT Treasury Index—a real-time, broad-based indicator of bond market performance—returned over 8 percent, while the S&P 500, which HMC often cites in comparisons with its own endowment performance, dropped over 30 percent...
...subjects of Michael Lewis' books are normally the best at what they do. In Liar's Poker, he laid bare the freewheeling culture of Wall Street bond traders; in Moneyball, he broke down the statistical alchemy of managing a pro-baseball team. In his latest book, however, his subject is far humbler, and has much to be humble about. Home Game: An Accidental Guide to Fatherhood is a memoir of Lewis' own first steps (and missteps) as a father - one who shirks diaper-changing, passes out drunk as his wife prepares to deliver their second child and ponders whether most...
...recession or not can miss a lot. "I don't care about what the dating committee says. I'm concerned about longer-term issues," says Yale economist Robert Shiller. "We are in for an extended period of subnormal economic growth." Mohamed El-Erian, chief executive officer of bond-investing giant Pimco, has popularized a catchier if less informative phrase for what we're in for: "the new normal...
First, though, a little background on stocks for the long run. The notion goes back to 1922, when a bond brokerage in New York City hired Edgar Lawrence Smith to put together a pamphlet explaining why bonds--and certainly not stocks--were the best long-term investment. At the time, this was conventional wisdom on Wall Street. Bonds were for investment, stocks for speculation--and, in those pre-SEC days, for manipulation. But when he investigated the historical record, Smith recounted later, "supporting evidence for this thesis could not be found." Instead, he discovered that over every 20-year span...
Netanyahu was reportedly shocked to discover, during his recent Washington trip, that Obama's position on settlements had the backing of many key friends of Israel on Capitol Hill. The President, in his Cairo speech, reaffirmed a rock-solid bond with Israel based on ensuring its security in a hostile environment. But that support doesn't translate into condoning the "Greater Israel" expansion into occupied territories represented by the settlements, which play little role in Israel's security today except as a drain on resources. A settlement freeze, conceived in the so-called Road Map to peace (first outlined...