The New CS Board

[dww10063]

Hi Stockmine. I have to admit I'm clueless about bonds at this point, and am out of them except in my diversified PRPFX and PRWCX positions, which are 50% hedged by S&P short positions. The yield curve is surprisingly steep, so if you believe as many do that a recession is likely, bonds should still have some play, esp on the long end. Rates look like TNX is trying to turn up while Tbills are trying to turn down. If this divergence continues it would strongly favor a recovery in commodities. Mostly cash and waiting for direction looks very attractive right now. Best, Don