Biting My Tongue

The hardest thing is to bite my "tongue." To the trust officer, I mean. But reviewing the September 30 statements there was no place to hide. Yes, pure treasuries was the place to be, not the semi-toxic bond funds which had some Fannie and Freddie preferreds and the like.

Under one of the last trust officers, who took suggestions, we had an agreement that the bond sector would be in treasuries, but that may have been many years ago. This because I always had a fear of the derivatives, which I traded for two years and saw the immense possibility for destroying the system. But you can't go around saying the sky is falling while the market is stable without being totally snubbed.