Nonetheless, I'm not buying. I can't figure out what's going on, I don't understand how all these banks could be simultaneously so broke and so profitable, I'm not impressed that the *rate* of deterioration has slowed (I was absent the day they did second-order derivatives in school) and anyway a hard-core unemployable like your correspondent has no business taking on much risk. TIPS and hi-grade corporates and CDs have been very very good to me. I'm especially flummoxed by the REIT run-up. I always liked REITs but commercial real estate looks ugly. Insiders, i might add, are selling with both hands in a variety of sectors.
As I said, make up a shopping list. People like me point reliably in the wrong direction.
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