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Single best idea.

We'll get right to it on August 8th.

What an eventful August it has become.

Part of that is synthesizing what's going on.

And my litmus paper this morning, the key point on my Bloomberg launch pad, was the 10-year

real yield.

We are now down at the bottom of the range, 1.85 percent, and any movement down would be a huge yield.

It was a major theme for me today, and that centers around the growth bet.

Here's Paul Donovan of UBS.

Well, it does mean, I think, that the bond market is focusing more on the growth concern.

So to the extent that one believes in the far-sighted ability of bond traders, then, you know,

that's a signal of worries about the future.

...