Me: “Let’s find companies with lots of debt and buy them. And make a lot of money.” You: “Wait, what?” (Nod as always to the late, great Norm Macdonald.) Hear me out. Last week, plain vanilla investors threw a midweek fit when Federal Reserve Chairman Jay Powell said something we contrarians assumed already: No rate cut coming in March. The Fed decides the Fed funds rate. This often cues the two-year Treasury yield to follow. (Yes, sometimes, the two-year leads. As always in economics and relationships, it’s complicated.) We can debate who leads who, but the key is that the Fed controls short -term rates, but the bond market determines long -term rates.… Read more