The greatest drag on the bond market, however, is the sheer volume of offerings tied to the tobacco settlement, all carrying the same non-diversifiable risk.

ECONOMIST: Bond markets

Sediment-carrying rivers have been diverted, sea level has risen (increasing the volume of water in the lagoon), a deep-water channel has been dredged for shipping, and turbid waters are killing the eel grass that stabilises mud flats.

ECONOMIST: Flood barriers

The system also features a NiMH rechargeable battery, offering ten hours of music play time (at medium volume), a 3.5mm stereo input for wired devices, and includes a carrying pouch for safekeeping on the go.

ENGADGET: Acoustic Research's $120 ARS60 Bluetooth speakers seem oddly familiar