The Stone City

Words Made to Last

Wednesday, November 01, 2006

Domain Specialists

In the London Times, we find a discussion of UBS's recent trading losses:
[UBS] continued to buy government bonds early in the third quarter on the expectation that the Federal Reserve would carry on raising rates.
In words of one syllable: high rates mean low prices [oops]. A buyer wants price to rise. [In fact, UBS shorted the bonds.]

Presumably journalists of all stripes possess this kind of expertise in their specialties. Just imagine.