
One of the number one rules of the bond trading desk is to, all things being equal, always be long convexity. (I learned this the hard way when I once tried to go short one of the most convex bonds out there — the Mexico 100 year bond. The Bank of Japan announced a $1.4 trillion stimulus package a few days later. Talk about rekt.)
an…n terms of Caesar and Pompey, or Peloponnesian balances of power or diplomatic intrigues in Vienna, consider studying instead the daily life and body of laws and customs. I accidentally discovered the book A History of Private Life (four volumes in English) by Paul Veyn…