Just noticed this. Excellent. The Roadrunner will now forever be named "Yield," at least for me.

One reason why the markets are so resilient, I think, is that there are enough people who actually do understand what's going on with access to lots of capital. Most of the incidents discussed in the article were actually golden opportunities.

Take the GM downgrade, for example. A lot of people did quite well off of that. Everyone who understood how pension funds operate and who had even a cursory knowledge of GM and GMAC gleefully hoovered up certain GM bond issues and made packets.