Darkside of the Moon - http://www.efficientfrontier.com/ef...
Sep 18, 2008
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sirishkumar
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"Conclusion: The debt markets are so out of whack that we are now at a point where credit risk is being rewarded more than equity risk, something that should never happen in a world where equity investors own only the residual rights to earnings. This cannot last for very long: either spreads will tighten rapidly, equity prices will fall rapidly, or both. (Or, chortle, earnings will grow more rapidly.)"
- Sanjeev Singh