On the Fritz


Giving something back.

Few utterances are as unconvincing as politicians’ ritualistic avowals that their primary motive for seeking power is to “give something back”. These statements are about as credible as it would be for high-yield investors to pretend that they enjoyed giving back 350-plus basis points of total return recently.

At 17.88% the Merrill Lynch High Yield Index’s return for the first half of 2003 represented a well-above-average year’s performance. Marketers prayed

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