A Winning Mutual Fund Prepares for the Next Storm

Every few years, Steve Romick pens a long letter to clients about looming risks for the stock market. His timing is usually too early—credit-default swaps in 2002, subprime mortgages in 2005, excess leverage in banks and investment banks in 2006—but eventually the dangers came to pass. Recently, Romick wrote his latest jeremiad, this time about the risks lurking in sovereign and corporate bonds. READ MORE