Word: nine
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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...
...secondly, there's a ripple effect. Just speaking about Pimco's general portfolio strategy, we've sold our agency mortgage securities, Fannie and Freddie, in the billions to the willing check of the Fed. They're buying a trillion dollars of them, or have over the past nine to 12 months, and so we sold 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...
Meaning ... Over the past six to nine months, the 60% pop off the bottom, not just for stocks but for high-yield bonds, etc., is indicative of a return in perspective to the old normal as opposed to the new normal. We think that 2010 will be tempered, and that doesn't mean bear markets, but it does mean a growing realization that we have a lot of problems and the markets aren't necessarily priced...
...abroad. Still, it's a Hollywood rule that movies with $100 million-plus budgets should at least earn as much at the domestic box office as they cost to produce. If they didn't in 2009, they made our top-of-the-flops list. The underperforming nine: Terminator Salvation, Disney's A Christmas Carol, G.I. Joe, Angels & Demons, Watchmen, The Taking of Pelham 1 2 3, Public Enemies, Land of the Lost and Where the Wild Things...
Note that, of the directors of these nine flops, four were either Academy Award winners (Robert Zemeckis, Ron Howard) or Oscar nominees (Michael Mann, Spike Jonze), whereas Cameron is the only Oscar winner among directors of the top 10 grossers. The lessons: prestige directors get to spend more money, and, in dollar terms, their "personal vision" can look astigmatic to the mass audience. (And great to critics, who put the Mann and Jonze films on their 10-best lists, and would rightly fret if big-budget assignments went only to hacks.) Consider, too, that none of the first seven...