Bonds promoted as offering risk-free returns are now priced to deliver return-free risk.
~ Shelby Cullom Davis
Grouch: This quote summarizes my thoughts on today's bond environment, especially long bonds--- all risk, no reward. A terrible time to be a lender.
But on the flip side, it's a great time to borrow long, and there has rarely better period of time in the nation's history to buy residential housing.... affordability is greater than it ever has been and interest rates will never be this low again.