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

To: Alias Shrugged who wrote (34531)	10/25/1998 2:15:00 PM
From: Knighty Tin	Respond to of 132070

Mike, Now, once Treasuries are out of the mix, you are playing my theme song. <G> All of the debt markets that have funded this easy credit and stock prices are looking kind of sour. Even Treasuries, though they are liquid. The other stuff is not only heading south in price, but you can't get a bid for it. That is one thing that I, as a Treasury fund manager, albeit with options and futures and a lot of hubris, found funny. When the bond markets start to crash, sometimes Treasuries underperform the crap. Why? Because they trade and have real prices. Since you can't sell the crappy stuff, the fund accountants get to make up some price for it using a phony formula. I have even had people tell me that junks are safer than Treasuries in a down market. <G> MB