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40% Leverage, Asia-Pacific Bonds, A 15% Trailing Yield: Inside FAX
A 40-year-old CEF lending across Asia-Pacific at 40% leverage, marked at a wider-than-average discount.
The Miss, the Message, and the Market That Refused
When the weakest jobs report of the year buys equities a rally and the bond market nothing at all, what exactly is the equity market rallying into?
The Risk Did Not Leave the Market. It Changed Addresses.
The VIX sleeps at 15.31 while the 10-year climbed 104 basis points this year and TLT fell 11.1 percent. Volatility is not a number, it is a location, and in 2026 the location is duration.
My Father’s Book, Reborn: The Third Edition Is Here
The third edition of my father’s Intermarket Analysis and Investing is here. Read my foreword, and find the paperback and Kindle editions.