Monday, September 19, 2005
Meanwhile, back at the deficit ...
"Q:You hold cash in your fund, not bonds. Can you hold corporate bonds or agencies?
We can hold bonds, but we think long-term bond yields at the 4% level are a bad deal. They do not compensate you for the uncertainties of inflation of the massive deterioration in the fiscal integrity of the United States. And I do mean that. It is a travesty to witness what the federal government is doing to the balance sheet of the U.S. "
-- Robert Rodriguez, head of $2 billion FPA Capital fund
... don't say I didn't warn you.