- Concerned about tail risks in the economy
- Recommends exposure to default exposed mortgage market to protect against an improving economy and rising interest rates
- On the other end investors need to have long-term government bonds to protect against continued problems in the housing market and economy
- Recommends exposure to default exposed mortgage market to protect against an improving economy and rising interest rates
- On the other end investors need to have long-term government bonds to protect against continued problems in the housing market and economy