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.

352

To say this is the last day of the bear market would be an act of hubris.

233

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.

208

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

187

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

164

The turnaround can't be anywhere as robust and profound as the data said this week. At the same time, from a market perspective you have to respect that the data was above expectations. So it's a negative for bonds.

139

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.

119

The gold bugs missed that, ... But they were not wrong, even though most of them went broke. In the end, fiat currency regimes are inflationist. Soaring gold over the last year has coincided with the Fed's open acknowledgement that it has fallen off the disinflation wagon, not because it could not help itself, but because it had no choice.

107

The sheer act of tightening will be viewed in the bond market as the sun coming up in the East.

106