Shortly after writing my article on the dual nature of prices, I ran across this wonderful article on price signals written by Jonathan Hoenig for Smart Money.
Whether it’s gasoline or groceries, blaming traders because you happen not to care for a market’s prices is like blaming the mailman because you don’t like the mail. They are price messengers, not manipulators.
It’s a nice read and probably especially germane to current bond investors. And Mr. Hoenig may get the prize for the most bluntly named hedge fund in the industry!
Great link. Manythanks for posting.