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On his marathon interview with CNBC this morning Warren Buffett mentioned that spreads were widening again.  As I pointed out weeks ago, the high yield corporate bond market has an inversely correlated relationship with stocks and continues to widen.  Spreads across the board have jumped in recent weeks whether it be high yield, TED, or CMBS.  The risks in this market remain VERY high in the long-term despite my near-term mildly bullish tilt (80% hedged to give some details, i.e., one foot out of the bunker or very conservatively bullish by most other investors’ standards).

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