At least that's how Ault, the highflying owner of Pangaea sees it.

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Like the mortgage market, the municipal bond market has morphed into its own new era of highflying finance, adjustable-rate loans and complex securities.

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After an NFL season that celebrated highflying offenses and cartoonish statistics, this would be a day of defense, and hoping for a sudden opportunity.

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The market, seeking profit makers with high expectations of high returns on capital and high margins will throw high amounts of capital at these drugs until you turn around and the market has created highflying successes like Genentech and Amgen .

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They also saw a slight improvement at companies accused of accounting fraud, which they said might be attributed to a well-documented pattern of cost-cutting and asset sales at once-highflying companies that played with the books to keep their abnormal growth rates going.

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What if I had told you on Jan. 1, 2000, to sell all your tech stocks those highflying stocks that were doubling and tripling every few months and to spread the proceeds equally across three very boring investments: gold, 10-year Treasury bonds and stodgy old dividend-paying stocks like the ones inside the Vanguard Dividend Growth Fund (VDIGX) .

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