Bill, Nope, it was definitely Padilla, who is good. I am talking circa 1983. Padilla left Paineless in 1984.
I rmemeber Benderly so well because he was bearish on bonds at the time I was buying them hand over fist for a new mutual fund. When rates were 14%, my bosses were saying, "please, don't take risk. Kidder says rates are up forever." I ignored them of course, which is my normal reaction. Then, after more than two years of a spectacular bull market in which my fund's assets grew from zero to ten billion bucks, the same guys ordered me to be "more aggresstive with bonds at 7.25%, because Laffer says they are going to 2%." That time I had to quit to prove my point. <g> But any time Benderly or Laffer come into the conversation, I have to trash them. And it is really not their fault. It is my bosses who believed the garbage. <g> |
