Rightly or wrongly, most Americans look at mortgage equity withdrawal as the closest thing to a free lunch.

Paul McCulley

Categorized in : Looks Lunch Withdrawal

You don't get the attention of gluttons by starving anorexics. by Paul McCulley

You don't get the attention of gluttons by starving anorexics.

starving anorexics attention

The lion's share of the bear market is over, ... It's a two-part issue. Yes, the marketplace could be nasty. But there's a great deal of nastiness that's already happened in the bond market.

nastiness issues two

The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.

fighting running war

The bond market is debating with itself what the intent of the Fed is. I don't think the Fed has a multi-step process. They are taking it step by step.

process steps thinking

Remember, benchmark performance -- beta -- can be had for virtually free; alpha is what active managers are paid to generate.

beta performances remember

I made the decision to step down from this position over the weekend after Bill resigned on September 26: The existential reason I took the job had left the building, today represents the implementation of that decision, reflecting sufficient passage of time not to be distractive of a firm that will always be special in my heart.