The Knicks are 5-28.
Just thought I would throw in the Knick’s won-lost stats as the market went into a coma yesterday. As I write this, futures are actually down as Asia and now Europe sell off overnight. What? You mean markets are actually down? After all, Germany/France 10-yr yields hit all-time lows of 54 & 83 bps. Yes…that’s the 10 year. After all, the German 2 year yield is negative. Yup…buy a 2 year AND PAY THEM. Yup, you give them the toaster.
If you would have asked me a year ago where I thought yields would be, I would have been better off telling you the Knicks would win the championship this year. That’s why I do not predict a year out. In fact, I have no clue what I am eating for lunch today.
All I know is that the biggest bubble in history, the bond market, both here and many places abroad, continues to have distorted price and yield. I was always taught to believe lower yields were a good thing as cost of capital drops. Just not sure THESE rates have anything normal about them. Welcome to the GRM! (Government run markets!)
Feel the real problem with GRM is that there is no natural market counter balance. When, not if, there is a pull back it is going to be without buffer (or Buffett) to slow the drop.
Knicks are like 6-8 teams in the NBA. A successful season is one where your record is bad enough to have a legitimate shot at the first pick in the lottery. A league of have and have nots. Kind of like the US. Markets are and have been for 5 years, a joke. I suspect it will continue for 2 more years. My Celtics are one of those 6-8 teams also. The only problem is they haven’t perfected the art of losing yet.