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“May you live in interesting times. May you also own Fairfax Financial, with its massive short duration fixed income portfolio, when interest rates spike off the lower bound and they then go on offense, growing and redeploying that capital without a huge hole in their balance sheet like competitors who for some reason get to wave it all away as short term losses (those 30yr 3% coupon bonds are held to maturity, everyone!), but it takes years for the market to notice the implications because of liquidity or indexing or blackberry or something, and you get buy at a huge discount to a step change higher intrinsic value. You’re welcome.” I heard that was inscribed on some tablets in 3000 BC.

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