Three-four years ago I had a nice bond portfolio. For a guy who should have know better I completely boinked it up. I fell prey to the worst of errors. I let disbelief guide my choices. I had a bunch of high coupon NYS GO Muni’s. Almost all of them have been called. I had 5 and 5 1/2% Agency MBS. I knew that was subject to prepay, but I never expected to get 80% cashed out. The corporate’s were high yield so I kept the maturities short. Most have been paid off. Net-net my fixed income is down a cool $150, 000. I have managed equities and at my age I am not going overboard on that. I think all preff stock is junk. I will not buy JNJ for a 3% yield and lose a 1/3 of my equity. And I am not going out far on the curve when there is no payback. So I am screwed. Losing this much income makes it hard to plan for expenditures. Relying on the equity market to earn a stable income is not possible.