The Justa & Lars Honors Bob Brinker Investment Club Message Board

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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Justa Werkenstiff who wrote (1220)	9/27/1998 10:04:00 PM
From: Joseph G.	Read Replies (2) of 15132

<<LTC was short Treasuries and long junk bonds including emerging market bonds. Brinker said LTC bet that interest rates were going up in an inflationary environment here in the US. Wrong. With dead pan humor, Brinker could not for the life of him understand why the smarties in Greenwich did not listen to MoneyTalk because he had been bullish on bonds and told listeners to steer clear from junkies. >> Just shows extreme naivete of Bob - their bet was that interest rates will go down slowly, or won't change, so that they make like bandits on the CMO/treasury spread. Remember that they had their positions for over a year, building them up as rates decreased. They would have gone broke in five weeks, rather than nine months, if the rates went up instead. No wonder they won't listen to "Money Talk". BTW, what am I doing here? -g-

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