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To: reaper who wrote (253456)	7/31/2003 10:15:06 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<as for where TNX is going, i admittedly have no farking idea. i am exceptionally confused right now, which is why i am largely doing nothing. that said, if the housing market cracks (which many are projecting if rates go UP) then you can forget about INFLATION 'cause most of the 'money' in the world right now is backed (directly or secondarily) by the full faith and credit of non-cash-producing real estate assets>> I think the TNX will go higher for awhile, but I agree that once the housing finance and residential real estate bubbles implode, it will come back in (probably with a vengence). Looks like spreads are actually WIDENING even with the TNX screaming higher, that scares the bejeezus outta me! (Got Son of LTCM?) A portfolio of Munis I follow (and fortunately don't own, thank God) has absolutely cratered this week, a year's worth of return wiped out in a week. "Return-free risk" indeed..... I will say, it reaffirms a comment you made about fixed income managers being much brighter than their equity counterparts...at least THEY now "get it". BTW, what do you think of CIT right around here? Regards Patron