Contrarians at the Gate


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,

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