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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (68721)10/6/1999 4:11:00 PM
From: BGR  Read Replies (1) | Respond to of 132070
 
Heinz,

In other words, they were engaging in interest rate arbitrage. That applies only to an inefficient market, so, it was not their assumption at all that credit markets were efficient. So, no, they were practicing exactly the opposite of what they were preaching. If they believed in what they are preaching, they would have thrown their quantitative models away and bought index funds for the long run.

-BGR.


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