It's almost impossible for individual investors to get a square deal in the bond market. Unlike institutional investors with their expensive, real-time databases, individuals don't have transparency—they can't instantaneously see prices across the market. So they put themselves in the hands of brokers, who pad their trading desks' markups. SEC Chairman Arthur Levitt occasionally gripes about the bond market's unfairness. He hasn't done much about it, but the marketplace finally has. For the first time, individuals can buy bonds at competitive prices. It's happening on the Internet (no surprise), and it is the best deal I have seen in my 22 years in the business.
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