Difficult market at the moment anyway. Is this a couple of isolated cases or the start of something broader . Right now, it still seems more isolated. Clearly the tax package will create winners and losers. Tax reform has to happen. If it doesnt happen, it gets ugly. Stock markets get ugly. Everything gets ugly very fast. It is no longer a green light for credit markets. It is more yellow. Clearly, there are still some companies with decent fundamentals, but there is a lot of sectors or more sectors under pressure. Youre not getting paid an awful lot for full risk. As an investor you have to be careful. Buying quality. These days when the markets rollover it feels volatility needs to rise. Maybe that is what we are seeing. My concern is what if the market starts to price real andmism around a tax deal the 10year goes to 2. 60 . That could be interesting. That is a genuine competitor to the credit market. That is where i think the bleed could be more systemic. The 800 pound gorilla is w
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