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ON: Wed Jun 25th 08:55 AM
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Treasury Bonds: The Short of the Century

your anti-bond argument has been out there for so long that I believe Marc Faber now suspects it is flawed. The analogy of blackhole physics may be more apt now--the destruction of credit and financial systems (so much more than just cyclical falloffs of growth), moving now from housing into commerical credit, pensions, municipalities, etc could be such a powerful destructive centripetal force that the more visible sparkles of inflation (generated by desperate remedies and their effects) still at work on the periphery will in time be sucked in and extinguished. The struggle between these forces seems almost cosmic, the leveraging you recommend highly risky, anything but shooting fish in a barrel. Money mgr Gary Shilling, who has been good on deflation and the bond market in the past, is now saying buy long T-bonds. He's not a theorist but worth listening too. Thanks for laying out your view.
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