We are right behind Jim on this issue and recommend reminding yourself often and keeping an eye the ball, not getting caught when the trap collapses.
This is beginning to sound like a chorus line with a song that sings about the coming collapse of almost every kind of asset value. We recently commented in The New York Times that values could collapse by as much as 50% should long rates rise by 2% or more. Readers got mad at us, but it's not our fault, because we did not invent financial mathematics - someone else did! Nor we do believe that these rules are open to negotiation, legislation or persuasion of any kind. They are absolute.
So how did we ever get backed into this corner? Well. you can blame the usual suspects, who lost sight of common sense and were "influenced by the political immediacy of their times." Now there is no where to run or hide.