John Stopford

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John Stopford, head of fixed-income markets at Investec Asset Management, likes to quote Mark Twain on the lessons to be drawn from the past. “History doesn’t repeat itself, but it does rhyme,” Twain said.

Stopford is talking about the parallels between the current market and the situation in 1994, after the US Savings & Loan crisis, when the Fed’s policy of low interest rates stimulated high levels of leverage and eventually contributed to a bond market bubble. The Twain quote illustrates h

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