Since the beginning of February, the discount of WTI to global prices has fallen quickly, primarily because of changes in pipeline infrastructure that has brought cheaper mid-continent crude oil to the U.S. Gulf coast.
Warren Buffett, chairman of Berkshire Hathaway Inc., said he ignores macroeconomic forecasts such as Bill Gross’s “new normal” when investing and sympathizes with people who stuck with bonds amid low interest rates.
Economists cut their forecasts for Treasury yields in 2013 to the least since Bloomberg began compiling the predictions as notes were little changed after data showed the unemployment rate was higher than expected.
Well, I guess that settles it: you didn’t build that after all. Or maybe you did, but not all of it. Or maybe like the convoluted John Lennon above “you think you know a yes, but it’s all wrong. That is you think you disagree.”