Category Archives: High Yield

Diversify When the Upside Is Limited

Posted on February 12, 2019 by Rich Gluck

While having lunch with a client recently, I asked about his attitude towards risk.  His half-joking response was that he would like high returns with no risk. I’ve heard similar sentiments echoed many times down the years. We all want … Continue reading →

Posted in Credit, High Yield, Investing | Tagged , , , | Leave a comment

Floating Interest, Not What You Think

Posted on November 2, 2018 by Rich Gluck

A theme of the past several years has been the need to protect yourself from the bond market selloff, a selloff that seems to have arrived. The idea that you should protect against this has led to the suggestion that … Continue reading →

Posted in Credit, High Yield, Rates | Tagged , | Leave a comment

Strategy and Structure

Posted on December 16, 2015 by Rich Gluck

Strategy and Structure is a classic management book.  It is about the evolution of structures suitable for managing large complex organizations.  The book gets across the idea that form should fit function in organizational design.  In asset management, it is the vehicle … Continue reading →

Posted in Credit, Governance, High Yield | Tagged , , | Leave a comment

Junk Bonds or Equities With Coupons?

Posted on December 10, 2015 by Rich Gluck

“Equities with Coupons” is a cynical description of high yield  bonds.  The expression, like many of its kind, contains more than an element of truth. Usually it’s invoked when trying to illustrate the risk of owning bonds priced near par. You may collect … Continue reading →

Posted in Credit, Equities, High Yield | Tagged , | Leave a comment

Should You Fade the Plunge?

Posted on January 29, 2015 by Rich Gluck

Many market cycles are marked by disproportionate investment in one sector.  That sector, post financial crisis, was energy, particularly oil.  The oil price fell with the crisis, bottomed at the end of 2008 and rallied to post crisis highs in April 2011 … Continue reading →

Posted in Equities, High Yield | Tagged , | 1 Comment