The blow-out in commercial real estate spreads continued today unabated. The complacency in the equity markets is staggering considering the obvious issues confronting the banks and the market. There have been few times during this bear market where the bond traders and equity traders were at such odds. One group is going to make a fortune in the coming months. The other will lose their shirt. With the first pick in the 2009 TPC draft, The Pragmatic Capitalist chooses: the bond market.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.