TERM PREMIA, INFLATION EXPECTATIONS, AND THE STOCK MARKET (Part 1 of 2)

The 'tourist examines why we are all bond traders now

The other day I was chatting with one of the smartest hedge fund managers I know, and even though he is solely an equity-guy, he laughed and said; “some days, I feel more like a bond trader.”

The reason he said that? He watches markets closely and realizes that bonds are dictating (or at least influencing to a great degree) the various factors in his po…