A friend asked me about my view on Treasuries, duly impressed (he is an institional broker) with my "call" on this asset class in light of recent performance. I am paraphrasing my response below. (incidentally, this is about as close as I care to get for raw predictions on this blog...no amount of disclaimer seems sufficient these days).
"Honeybees have a preternatural instinct (something akin to "self preservation" without any concept of "self") in times of stress or environmental turmoil. When faced with sudden drops in air pressure or temperature, bees return to the hive and huddle against one another for warmth. Some species vigorously flap their wings to increase interior pressure in the hive in order to prevent cold and/or wet air to enter at all.
It is similar with investing. Imagine all units of that thing called "capital" (in all its shape changing, time sequestering, beauty) as honeybees faced with a sudden environmental perturbance. They quickly return home, ride out the storm, and begin the process of pollen gathering anew."
I won't print what my friends response was. Suffice to say references to Bovine Scatology were definitely included...
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