DoctoRx's  Instablog

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Over 30 years of investing in individual stocks. Extensive business experience with small to mid-size companies, including as CEO. Many hundreds of blog posts on financial and economic matters since 2008. Focus on value with catalysts for upside price action. Background as a physician and... More
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  • Weak Jobs Data Suggests Economy Is Faltering: Massive Drop In Interest Rates In Three Weeks 0 comments
    Apr 5, 2013 9:30 AM

    The 30-year T-bond yield is 2.86%. This is down from 3.24%, when SA published my article, The Case For Buying Treasuries Now.

    The bubble economy is failing to gain traction. Wall Street reblew an Internet 2.0 bubble. Washington reblew a housing bubble 2.0. These are not self-sustaining. A few months ago, in one of my blogs, I commented that I was beginning to worry about a 2013 recession- having duly commented on and respected ECRI's 2011-2 recession calls-- but never sensing a recession personally. With oil prices still high, and the US still a net importer of hydrocarbons, and with interest rates so low that little benefit can be gained by further drops, the US is edging closer to the Japan situation that I have been predicting since January 2009.

    There was no disaster in Japan in the ZIRP era, and I don't see one here either. I have re-entered the leveraged muni closed-end bond market through such vehicles as NQS. I try to emphasize the ones that have near-zero financing costs for their leverage as opposed to the ones that have sold multi-year preferred stock around 2.0%. Intermediate-term high-grade munis are already around 2%, so where's the leverage?

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