Weeks before it was hard to buy bonds, and then all of the sudden they were wildly available at discounted prices. With the rally in the equity market, bond prices have stabilized and risen. They spreads have again narrowed, and it’s once again very difficult to find well priced bonds. If the market pulls back again, it will be interesting to see if the price volatility again picks up, and a savvy investor could step in and pick up some really well priced bonds. Watch this space.

These two separate realities with the economy and Main Street struggling while the market rally continues unphased, we believe these two realities at some point must dovetail and have the market reflect the actual state of affairs. When that happens we will be monitoring the market reaction and will manage accordingly.

he name of the game the past few weeks has become protests and general unrest. First in Hong Kong and now wide spread throughout the US. The first thing Wall Street does when something like this happens is to look at history to see what it has done during previous similar instances.