If you told me two years ago that Italian 10-year yields would trade at 3.20% now, I’d have fallen off my chair laughing.

Italian 10 year yields

Italian 10 year yields

I’ve been long Italian stocks on the improvement but the WSJ is writing about Italy today so I’m worried.

Portuguese 10s are even more mind blowing. You could have picked up a half-million of those and retired.

Portuguese 10 years