Sublime

encumbrances.”

Everybody gets levered up the wazoo. If you can’t save because money does not retain value, then you have to be fully invested. If capital has all been misallocated such that price signals are unreliable and losses are artificially sustained, then any minor advantage has to be levered to achieve a satisfactory return. And if interest rates are

One of our favorite CEF managers is Scott Page. He’s been with Eaton Vance, one of the oldest investment management firms in the US, since 1989. He has conducted the Eaton Vance Floating-Rate Income Trust (EFT, not to be confused with ETF, an exchange-traded fund) brilliantly since inception—through rising and falling rate cycles, through rising

software firm offered cloud software for businesses at an extremely low monthly fee of $19.90 per workstation. The price for the comparable competitive product stood at more than $100. Several months after the launch, the company’s CEO told me that “small businesses are really excited about our prices. For the first time, they can afford this kind

–PAUL BARNES, COMMERCIAL TYPE