What a monster endless program. Relentless. So out of stock. So into bond. So Fed-centric.
And it really can't be broken until the Fed walks things back. There will be too many preannouncements and too much uncertainty.
We actually netted out money today, meaning we actually put money to work. Had to. It got a little insane at the close.
Could get more insane.
But it was a program, of that there is no denying, and as I just wrote, you know it can be taken back by a more thoughtful Fed.
We left plenty of money. We had been raising money endlessly. But if you didn't "net in" today, it turns out you are no better than if you did nothing but buy into a plus 600-point Dow rally.
That would be plain wrong.