The T-Report: No Ire in Ireland

Back from the Brink in Brogue

The Pogues Sang Some Upbeat Songs As Well (“Fiesta”)

Off the Radar Screen and Off the Charts

I had more potential titles than I knew what to do with for this one little chart, but thought it would be a nice chart for the holiday, as it is upbeat. The performance of the Irish 5% of 2020 bond is almost extraordinary. Not only did you get a total return of 35% over the course of the year, it was with virtually no volatility. It doesn’t seem as though it was ever down more than 3 points in any sell-off. A simply exceptional return and a pleasant reminder that many of the best risk/reward opportunities come where you least expect. I totally focused too much on Greece, Spain, and Italy, only to really miss this trade.

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