Returning back to the question that opened last week’s EVA, why, for nearly 40 years, was I almost always bullish to very bullish on bonds?  The cut-to-the-chase reason was that interest rates were largely positive even after inflation for most of that timeframe. 

Bubbles now get tremendous amounts of press. Their counterparts, however, don’t. In my 42 years of financial market experience, anti-bubbles are where immense amount of wealth are made and bubbles are where they are lost.