The Twilight of the Masters

By |2016-11-17T16:22:59-04:00March 30th, 2015|Categories: Global Market Update|Tags: , , |

Image Source: Business Insider Whatever happened to the “Masters of the Universe?” I’m not talking about comic book characters. In the early ‘80s, interest rates spiked, following inflation. Long-term bonds yielded 15%. Bond traders reigned supreme. The hubris of the bond market’ culture was immortalized in Tom Wolfe’s novel, The Bonfire of the Vanities. Massive trading floors at big investment houses buzzed with phone conversations, shouted orders, and thousands of small rotating electric fans continually dissipating waste [...]