Dollars and Jens
Friday, January 02, 2004
 
market anthropomorphization
Bonds are down on the lack of terrorism, and I'd like to take the opportunity to complain (I never miss an opportunity to complain, do I?) about the tendency to associate rising asset prices with happiness, cheer, optimism, and even charity, and falling asset prices with the opposite. Take our beloved Louis Rukeyser's term "bond ghouls"; he realizes that bond prices go up on bad news and down on good news, and the inference is not that, well, maybe bad news makes bonds more valuable, but that bond traders are taking glee in misery and are disappointed by prosperity.


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