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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Paul Kern who wrote (39690)	8/25/2005 11:45:34 AM
From: Knighty Tin	Read Replies (2) of 110194

Paul, True story. When I worked at a mutual fund company, I had a govt. bond fund competitor who was tough to beat on performance. I found it odd that he was beating or equalling my performance when all he did was buy brain dead mortgages while I was wheeling and dealing and flimming and flamming. <G> Anyhow, one day I came to work and his fund took an 8% hit overnight. It seems that his accounting department didn't understand that the return of principal was not income. The fund declined, the payout declined and I broke my arm patting myself on the back. <VBG>

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