Reminding of MetLife's (MET) prescient 2004 bet to hedge against tiny interest rates (now...
Monday, October 22, 2012, 4:37 PM ETReminding of MetLife's (MET) prescient 2004 bet to hedge against tiny interest rates (now contributing about $500M/year in profits), New York Life buys hedges to produce a big gain in the event of a spike higher in yields. Genworth (GNW) hedges the Bank of Bernanke by buying paper in markets where the Fed isn't involved (are there any left?). "I'd hate to be in the agency market ... when (the Fed) stops playing."
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