The Red Pill

Wall Street traders (bless their dark souls) hold that there are two kinds of personalities – the stock type and the bond type. Stock guys are thought to be optimists while bond people have a gloomy reputation. There must be some truth to this because in ten years I have not met a bond manager with a sunny disposition.

Thankfully, Morpheus’s medication did not offer Neo a glimpse of the bond matrix. That’s one rabbit hole even he couldn’t have got out of easily.

Luckily, most of us are stock-people. We extol and defend our favorite stocks to the point of irrationality. In the meantime, it is forgotten that the bond market dominates the economy in a way that stocks never have and never will.

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