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Bloomberg TV

Monday, August 29, 2005

Bonds Guy With a Bowtie

Take a look at Don Gimbel here of Carret & Co. Subconsciously, you probably said to yourself, "This is a bonds guy." If you did, well, you were largely right. The stereotype of bond dealers is that they wear bowties. To be sure, bond dealers mostly don't, but when businessmen do, there's a good chance that they dabble in bonds. Why is this so? Well, I'm unable to find a definitive answer, so I'll venture one here. Feel free to pitch in with your own.

Just as some doctors prefer bowties to ties since ties tend to get tangled up while performing their tasks, so did bond traders as a practicality in the days of yore. Before the calculator, they had to perform calculations manually. The tedious operations involved--discounting coupon payments one by one--demanded more vigorous busywork than leaving it to the Bloomberg machine. Hence, bonds guys preferred bowties to ties for bowties were rather less likely to get tangled up. In this day and age, there's no comfort advantage for a bowtie wearer. But, as a tradition, the bonds guy with a bowtie lives on. The search for yield leads us to strange places.


Posted by Emmanuel |


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