Word: pasts
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...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...
...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 liabilities matched to expectations for double-digit types of returns are facing problems - now they are suddenly having to come to grips with the potential reality...
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...
...past several decades, the ACE study has recorded reports of negative childhood experiences in more than 17,000 patients. Adverse experiences include ongoing child neglect, living with one or no biological parent, having a mentally ill, incarcerated or drug-addicted parent, witnessing domestic violence, and sexual, physical or emotional abuse. The researchers then searched for correlations between these experiences and adult health and the risk of disease...
...high court has issued powerfully pro-gay-rights decisions at key points in the past 20 years - including striking down criminal statutes forbidding gay sex six years ago. But it has never voiced a word of enthusiasm for gay marriage. That has left scholars and longtime legal veterans of the gay-rights movement fearing disaster for gay marriage, should the issue be decided by the conservative-leaning Justices. "When I try to count the votes in favor of same-sex marriage on the Supreme Court, I have trouble getting to one," Andrew Koppelman, John Paul Stevens Professor...