Regardless of strategy, there is conviction on the fixed income side of BRIC investing.
Even back in July, after we had a nice run in the marketplace, we actually had rebalanced our portfolios for our clients automatically, so they were able to take a little bit out of the equity and out of the international side and put it into the fixed-income side.
Compounding the problem is a misallocation of wealth: People have too many sailors on the fixed-income side of the boat.
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First, once the ship has been stabilized, an underwater platform will be built and watertight boxes, or caissons, fixed to the side of the ship that is above water.
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Brut, for example, borrowed a practice from the fixed-income side by paying traders to supply limit orders--a commitment to buy a stock at a specific price--to draw sellers to the exchange.
When one starts to get aggressive in seeking out yield in today's environment on the fixed-income side, one can easily find themselves losing the "safety" aspect traditionally associated with holding individual bonds to maturity.
When the ship is upright, caissons will be fixed to the other side of the hull to stabilize it.
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The chief lines of debate will be drawn between Kaoru Yosano, a former economy minister who argues for a swift start to hikes in the consumption tax, and Hidenao Nakagawa, once a close adviser to Mr Koizumi, who says the bureaucracy must be fixed and supply-side measures taken first.
You can then put the visitor in a smaller, lower, and fixed chair on the opposite side of your desk.
If you have fixed liabilities not doing well on the asset side of your book, that is fatal.
"There are certainly stocks which could look interesting on a longer-term view, but we want to see more clarification on the regulatory side in terms of investments in fixed broadband, " he added.
With that promise in hand, the bank would make the purchase and immediately sell it onto the buyer at a mark-up, agreeing the buyer could pay, say, three months after goods are delivered--in effect, trade finance at a fixed rate with legal protection against default on the one side and loan sharking on the other.
When it comes to fixed income and interest rates, Ben Bernanke is the biggest thorn in the side of retirees.
This means that economies of scale arise on the supply side of the market, on the savings from a larger production batch with the same fixed resources, on gains from improved bargaining power with suppliers.
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