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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (1595)	3/9/2004 1:41:55 PM
From: reaper	Read Replies (1) \| Respond to of 116555

<<What are you seeing here>> these are primarily real-estate vehicles, not real "companies" with proprietary intellectual property / sustainable competitive advantage. as such they are primarily calls on cost of capital spreads / capital availability. most of these stocks last peaked in 1998, which of course was the top of the last junk bond / spread cycle, and they are now getting back to those 1998 levels today. not to mention the fact that most of their revenue comes from our broke national government, and Congress has the ability to set their rates. Cheers