I recently received the following email from a subscriber in Georgia. “I appreciate your musings several times each week. Yesterday’s, with its reference to your parents’ anniversary, reminded me of a Cabot Market Letter many years ago in which your father wrote about the relative size of the bond market and stock market and, if I recall correctly, said that the bond market was quite a bit larger than the stock market. In those days he used interest rates to predict whether money would have a tendency to flow from bonds towards equities or from equities towards bonds. There...
