The bond begrudgers had something to crow about with the news bonds had their worst month in 20 years in May.
I call them this because ever since the collapse of Lehmans there has been a section of the investment community who have begrudged giving bonds their ‘day in the sun’. As it happens, that day has lasted five years, but now the begrudgers probably feel vindicated the great wheel of investment sentiment has turned away from fixed income and back towards equities. Part of me thinks this is because it is harder to be a successful bond manager than it is to be a successful equities manager. Let us be honest, any idiot could make money in a raging bull or momentum-driven equity rally. ...
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