Quote of the day:
"We have argued for many years that the No. 1 rule of asset allocation is that returns on capital are in markets in which capital is scarce. Investors should always want to play the role of the provider of scarce capital."
-- Richard Bernstein, chief U.S. strategist, Merrill Lynch, 2006
This is exactly what Warren Buffett and Berkshire Hathaway are doing by opening up a bond insurance company at the worst moment for bond insurers in many years. From AP:
