"And it probably is. It's just that the latter skill set is better for figuring out what bonds do cost. Dealers have lots of information about order flow, market sentiment, which customers want to buy and sell which bonds, etc. They are good at price. Investors have lots of information about companies and credit and economic fundamentals. They are good at value. When they think the price is out of line with value, they trade. If they don't know the price, then they don't know how out of line it is with value, and they don't trade. "
'via Blog this'