Stocks for Safety? Sovereign bonds took a beating. Why multinationals are better than nations

摘要

WOE TO THE UNFORTU-nate souls still exposed to European debt. The smart money (people like Warren Buffett and hedge funders not named John Paulson) got out of it 18 months ago. Initially, a lot of that money fled to U.S. T-bills, which have benefited somewhat from the chaos overseas. But that advantage may not last for long. Even as it threatens to downgrade most of Europe, Standard & Poor's stripped the U.S.'s AAA rating after this summer's debt-ceiling circus, which looks to become a regular event. AA, it seems, is the new AAA for rich countries.