Word: bonding
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...believe, as I do, that the Fed's second, mid-October rate cut signals a vigilance that will avert a recession, you'll find great value in the so-called cyclical stocks and in high-yield or "junk" bonds. I have avoided junk for years because too many weak companies were able to borrow at rates only slightly higher than those paid by the strongest debtors. Confidence in the economy ran so high that even companies with no hope of making a profit this decade could tap the markets cheaply. Junk-bond investors weren't getting paid enough for their...
...things came by luck and were grabbed on the wing. Wynn relishes describing how he and Acquavella were in London to conclude the deal on a Tahitian Gauguin, Bathers. With time to kill, they dropped in on the small upstairs gallery of Thomas Gibson, a private dealer in Old Bond Street. And there, on an easel, was a painting that had just come in on consignment a few hours before: Degas's pastel Dancer Taking a Bow, 1887, one of the finest of his ballet scenes, which had been in one of the collections of the Rothschild family...
What is really annoying about movies like this is their insistence that all women really need to get rid of abusive boyfriends is a little witchcraft. Not only that, but Hollywood continues to try and convince us that the best way for women to bond outside of PTA phone trees and sewing bees is by holding a good old-fashioned coven. In what remains the most embarrassingly overplayed line in the whole movie, one of the town housewives turned coven-member brandishes her broom and says, "Come on ladies, it's time to clean house...
...biggest spoils have gone to aggressive investors who own "zeros," which rise and fall about twice as fast as regular T-bonds. Zeros, up 9.3% in the third quarter, aren't as exotic as they sound. You may know them as TIGERS (Treasury income growth receipts) from Merrill Lynch or CATS (certificates of accrual on Treasury securities) from Salomon Smith Barney. Basically, a zero is a bond that pays no current interest and is sold at a deep discount to its face value. The interest payments are built into the price at which the holder redeems the bond when...
...late to buy bonds? Can interest rates keep sliding? We are at historic lows already, and rates are famously difficult to forecast. To make an additional 25% gain in zeros from here, the T-bond yield would have to drop to about 4%. A further tumble sounds incredible, I know. You have to recognize zeros as an aggressive bet. But it could pay. Inflation, the greatest threat to bondholders, is truly dead, and the world and U.S. economies are weakening fast--developments that argue for lower rates...