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I’m talking about European rate assets, subprime auto finance and parts of the high-yield market. Absent something like that, the fundamentals are pretty good still. JB: When do you think the bull market in bonds will end? AW:.

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The litmus test of a successful strategy is that it creates value. As we saw in a prior point, great investors are adept at translating between expectations and fundamentals, and keep them separate in decision making. Further,

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