After a strong 2010, the hard work now starts for bond investors: Caveat Lector column
Strong portfolio returns in 2010 may come back to haunt fund managers next year: it would only take a modest fall in the markets to wipe out investors’ wafer-thin cushions
Yogi Berra, the legendary baseball player and manager, left not only an enviable batting record but some of the most memorable quotes of any sports star. Two utterances in particular should have particular resonance with bond investors: “If you come to a fork in the road, take it”, and “It’s like déjà vu all over again”. Credit markets are faced with both of these situations as 2010 draws to a close.
The year has been a cracker for bond investors of all hues. Before even looking at the
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