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Category Archives: High Yield
Diversify When the Upside Is Limited
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 Credit, Equities, Investing, Volatility
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Floating Interest, Not What You Think
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
Strategy and Structure
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
Junk Bonds or Equities With Coupons?
“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
Should You Fade the Plunge?
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