An end to the party?

fixed-income outlook

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For those in the fixed-income world, 2003 was a year of buoyant revenues, rising prices and record-breaking bonuses. Throughout the year, a familiar story was heard all over Wall Street: fixed-income divisions across the board had recorded historic revenue levels, boosting their firms’ EPS numbers—as well as share prices.

On the other side of the Street, 2003 was a period when the list of buy-side stars was completely rewritten, with traditional equity funds at Vanguard and Fidelity nearly

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