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...that said, I think they'll stop buying mortgage-agency securities, and the trillion-and-a-half-dollar check that's been written over the past nine to 12 months basically disappears. It's significant from the standpoint of interest rates and interest-rate spreads in certain sectors. And I would even go so far as to say it might be a mistake. (See the best business deals...
...that put upward pressure on interest rates? I think it will. I mean, the mortgage market would be your first place to look, in terms of something that's overvalued that would become normalized. Nobody knows what the Fed's buying is worth - we think about half a percentage point on rates, but we don't know...
...them a lot of ours. Now, what did we do with the money? We bought Treasuries, we bought corporate bonds, and so the bond markets in general have benefited, as have stocks, because this available money effectively flows through the capital markets. So it's a trillion-and-a-half-dollar check that won't be there as the Fed withdraws from the market. How that affects the markets, I just don't know. I'm not eagerly anticipating the answer, but I think it holds some surprises in 2010 - not just in mortgage securities but stocks as well...
Given all the crosscurrents, what will the investor's world look like in the years ahead? In a new-normal world, growth will be half of what it was, profit growth will be half of what it was, and returns on almost all assets - including bonds - will be half of what we've grown used to. Further, the U.S. economy and other [developed] economies have provided as a whole 7% to 9% returns over the past 10, 20 years, and investors got used to that. That's one of the reasons why states and pension funds with the long-term...
With the Harvard lead down to seven and under two minutes to play, Lin set his feet and drew a charge from Bronco guard Robert Smith, who had beaten his counterpart to the hoop earlier in the second half. The offensive foul silenced a raucous home crowd, and the Crimson would close out the win at the free throw line...