Today’s short note needs few words and lots of faith or, rather, a leap of faith as the long tail of certain fixed-income securities maturing at the very long end of the yield curve has started to bend.

In the wrong direction, unfortunately for the bulls. Did I say the bulls?

While equity specialists usually wrestle to detect broader risk events – conflict of interest plays a big part, we know that; but also it’s not their mandate – for them, chasing ...

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