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Every position resets before sunrise on borrowed money.

Every gear that built the boom has now reversed.

93% of managers expect flat or lower returns this year.

$10 trillion in bonds roll over at today's rates.

Congress built the funnel. Nobody turned it off.

Actual purchases were fifteen times the official figure.

Most fixed-coupon debt hasn't repriced yet.

Most owners run the math and stay put.

Revenue grew 11.3%. The per-share figure grew 27.7%.

The largest foreign holder found better returns at home.

The interest bill now tops defense and Medicaid.

Half came from a stake in the company spending it back.