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Terry, When you think about it, equity guys have more balls to juggle in the air than do bond guys. A bond guy has to worry about interest rates and the investment quality of his holdings. An equity guy has to worry about interest rates, earnings, industry fundamentals, valuations, company specific stuff and much more. Of course, a junk bond manager or a convertible manager has all those worries also. But we Treasury guys just have to worry about rates. <g> Of course, whenever anyone thought I was goofing off, I dazzled them with options and futures jargon, which work for both bonds and equities. And then, there was always my favorite comeback: if bonds are so easy, how come my returns and payout are so much higher than everyone else's? That usually ended the discussion. <g> |
