Richard Saperstein is a bond dealer who views his world in terms of blowups. In the past few years there have been the supbrime-mortgage securities blowup and the auction-rate securities blowup. Now on Saperstein's mind, and the minds of millions of other fixed-income investors, is the multitrillion-dollar question of whether the U.S. Treasury and municipal bond markets are on the verge of blowing up, too, or merely suffering a bout of indigestion. Saperstein oversees $12 billion in fixed-income investments at Treasury Partners, a unit of Hightower Advisors, from a trading floor overlooking the New York Public Library in Manhattan. The 51-year-old Bear Stearns veteran isn't predicting exactly what's ahead for his market. But he has some advice on how to navigate what he sees as the end of a bull market that's been a generation in the making.
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