Contrarians at the Gate

Why the doomsayers are wrong about the likelihood of imminent market shocks


Is anyone else bothered by the increasing number of people who fancy themselves as contrarian investors? You know the type: those sages who are convinced they're endowed with a special ability to see things that the market is missing, and can't wait to tell you about it.

These contrarians appear to be massing of late, armed with a large and growing list of things they claim the fixed-income markets have been overlooking: global imbalances abound; the bursting of the housing bubble (in truth, it's

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