MONDAY FEBRUARY 25
Stocks Vs Bonds

It may not smack of the war of the worlds, but it’s certainly a point worth considering: over the past decade, a pullback in high-yield debt has foreshadowed every decline of at least 10 percent in the Standard & Poor's 500 Index. This time bonds may be wrong, and stocks may prove more prescient, signaling corporate profits can withstand $162 billion in banks' credit writedowns and a slowing economy. But isn’t that line of thinking just a tad Pollyanna-ish?

February 2008

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