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

To: Knighty Tin who wrote (59327)	5/14/1999 12:34:00 PM
From: Knighty Tin	Read Replies (3) \| Respond to of 132070

To All, Portfolio Notes: Read this one carefully, because it is confusing. I have bought puts on T-Bond yields. That means I am betting that yields go back down and I am betting a bounce on the bonds. The symbol for T-Bond rate options is Tyx. The ones I bought are the Sept. 5.75%, the TYXUYs. My reasoning: The inflation fears are overblown. We are getting close to a deflationary depression. Inflation requires real growth and we are only getting adrenaline growth from excessive credit. The rest of the world sucks wind. Productivity stinks. I think T-Bond rates will recover as the disastrous economy AG and Rubin's cube have left us becomes more apparent. I think corporate, mortgage and muni yields will continue to rise, as they can't pay the debt. But T-Bonds tend to do well during economic contractions. This position is in the IRA Cap App portfolio.