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.

Remember, benchmark performance -- beta -- can be had for virtually free; alpha is what active managers are paid to generate.

You don't get the attention of gluttons by starving anorexics.

The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.

Rightly or wrongly, most Americans look at mortgage equity withdrawal as the closest thing to a free lunch.

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.