The bond markets are mysteriously losing liquidity
Breakfast with Benjamin: The worst part about the bond market selloffs in the U.S. and Europe is the not knowing why.
- The worst part about the bond market selloffs in the U.S. and Europe is the not knowing why. Markets do not like uncertainty. The mysteriously shrinking market liquidity
- When the behemoth California Public Employees’ Retirement System can’t get a break on fees for just being the country’s largest pension fund, what chance do the rest have? Calpers, which has about 77% of the money it needs to meet its swelling pension obligations, has cut by half the number of money managers it will use. The fund paid $1.6 billion in fees last year
- The market nods favorably toward the latest Deutsche Bank reorg, proving that the second time might be a charm. Last month, only 61% of shareholders expressed confidence in management’s strategic plan at the annual meeting, the lowest approval in the history of the bank.
- What is about Apple Inc. (AAPL) that is such a turn-off to portfolio managers? The company makes up more than 4% of the S&P, but a lot of money managers are not buying it. The $59.4 billion Dodge & Cox Stock Fund has zero Apple stock
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