ebook essays pieces of the puzzle
Wednesday, November 21st, 2012
from one to many

As people sat down to Thanksgiving dinner in 2006, things seemed pretty quiet.  While it is hard to believe now, at the time all of the benchmark ten-year yields for the European countries in the chart were below that of the United States.

The lines shown above stuck together pretty well until the fateful year of 2008, at the end of which a greater spread amongst the bonds started to develop.  They converged again for a time before the glue came undone in Europe.  Now they are all over the figurative lot.

We are about to enter a chaotic season, with holidays and shopping sprees and blockbusters — and economic and political cliffhangers too.  It will be easy to worry about all the wrong things and hard to imagine the developments ahead that we haven’t even started to worry about yet, but that will drive the conversation around next year’s table.  (Chart:  Bloomberg terminal.)

Recent writings to hold you over until next week:  An intriguing due diligence puzzle, a story of “shareholder value” versus long-term values, and a newsletter with great reads for investment decision makers.  Coming soon, an interesting new twist on the research puzzle theme.