I had an interesting conversation with my bartender last night. Yesterday was his first day back on the job after a five year hiatus. I asked him what he had been doing and he informed me he left his first stint as a bartender to get into flipping foreclosed houses, go figure. That wasn’t too surprising to me, what did make me do a double take was his disbelief that he couldn’t get a zero down loan anymore. He described the opportunities out there right now and that he and his wife have great credit but asked “who has 10% to put down?”. He clearly hasn’t had a realization that things are different. Bill Gross’s investement outlook this month compares bond holders to frogs slowly waiting to boil. A frog thrown into a boiling kettle will jump out immediately but put one into a pot and slowly increase the temperature, you will have frog legs for dinner. Bond holders and my bartender haven’t realized that the game has changed but have other investors in general? High Frequency Trading, Greece, Japan, US Debt levels, unfunded entitlements come to mind.