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Insulators with Their “Hair on Fire”

January 11, 2012
Andrew J. Hixson

When I joined Performance Trust in January 2000, my mentor Greg Sheahan pulled me aside and regaled me with tales about the crazy prepayment rates he had seen in the MBS market back in October of 1998. In fact, he required me to memorize 10/5/98 as the date on which rates had hit their lows. In his war story, Greg described how at the time, the market was reeling from the Russian currency crisis and the fall of Long-Term Capital Management. As Treasuries rallied in the resulting “flight to quality,” the market saw a 10-year Treasury at its lowest rate in over 35 years!

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