There's a Christmas TV ad for U.K. department store John Lewis that's proving very popular at the moment. In it a young girl sends a telescope to a lonely old man living on the Moon.
That old guy was once a bond fund manager in 1994.
Our unfortunate lunar friend was banished after the bond market tanked in the 1990s. The U.S. Federal Reserve decided to hike rates and he wasn't ready; he was catapulted to obscurity as yields ballooned. Now, using his telescope he can look back at Earth to see what's become of his old haunt. And just like the young girl in the ad, many bond managers will be looking back at him, more nervously than sympathetically, as they try to glean lessons from the past.