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calafia beach pundit

in 2007 i retired as chief economist of western asset mgmt, a manager of institutional fixed-income portfolios. i now enjoy keeping up on markets from my condo overlooking calafia beach (san clemente). this site is not intended to provide trading or timing advice; i don't believe conditions in the market change very often. i am an investor, not a trader. blogging is a source of self-discipline which helps me better understand the market and better manage my own portfolio.

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