Forget The Twist, Here Comes Operation Torque: Presenting Morgan Stanley's Complete Moral Hazard Profit Guide

``Bottom line: Goldman, JP Morgan, Nomura and now Morgan Stanley all assume QE3 is a fait accompli, the only question is what shape it will take. And for all intents and purposes, what the Fed will achieve, is to get investors to rush out of anything with a sub 10 Year duration, and into the longest point on the curve. And just like last time, the biggest beneficiaries will be not bonds, nor stocks, but commodities, where the marginal purchasing power is far greater, and the result will be yet another round of geopolitical shocks''