Paul McCulley Quotes
Remember, benchmark performance -- beta -- can be had for virtually free; alpha is what active managers are paid to generate.
The lion's share of the bear market is over, ... It's a two-part issue. Yes, the marketplace could be nasty. But there's a great deal of nastiness that's already happened in the bond market.
The bond market is debating with itself what the intent of the Fed is. I don't think the Fed has a multi-step process. They are taking it step by step.
Rightly or wrongly, most Americans look at mortgage equity withdrawal as the closest thing to a free lunch.
