Word: stocking
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...turbulent times, instrument valuations have very little correlation with indexes like the S&P 500. That's valuable for anyone looking to hedge against the rampant swings of the stock market. In a recent study in the international journal Pensions, R.A.J. Campbell suggests that pension funds consider adding top instruments to their portfolios to diversify their risk. "Violins are much less volatile than art," says Graddy, who co-authored a paper called "Fiddling with Value: Violins as an Investment?" While the Mei-Moses Fine Art Index was down 35% in the first quarter of 2009, prices for top instruments showed...
...People who have lost a lot of money in the stock market are scrambling to instruments as safe havens," says Francais. For anyone who owns a Strad, that market stability sounds like sweet music...
...that a collapse of the U.S. banking system seems unlikely, stock-market watchers have found a new thing to worry about: rising interest rates. The yield on the government's 10-year Treasury bond is up 65% this year to a recent 3.83%. Says top Wall Street strategist Edward Yardeni, "If bond yields get up to 4.5%, so not much higher than they are now, I think we would see a real decline in mortgage refinancing, which would threaten the viability of the economic recovery." (Read "Economic Recovery: Will Corporate Profits Recoup...
...years. (Read "Lidia Bastianich Saves Our Dough.") Lansing and San Francisco Fed colleague Reuven Glick ran a simulation of what would happen if U.S. consumers followed a path similar to that of Japanese businesses in the 1990s. That was another episode of a great debt dump following a stock-and-real-estate bubble - it's one of the examples economists often turn to in trying to understand what's going on now. Lansing and Glick figured that for U.S. households to resume a debt-to-income ratio of 100% over the next decade, the savings rate would have to nearly...
Still, it is likely to be a while before we hit that new normal. Rosenberg points out that during the Great Depression, the worst of GDP contraction and stock-market losses had hit by the early 1930s. And yet the malaise carried on for the rest of the decade. Unemployment hung above 15%, and people didn't spend money. "Even people who had the means didn't go on buying sprees. That's not how they lived," says Rosenberg. We may now be in for some of the same...