09-21-21 | Marty Fridson Presents

Description:

Guest Speaker: Martin Fridson, CFA

Fridson will present empirical research that leads to some surprising conclusions about the high yield market, including.

  • The best predictor of spreads on high yield bonds is not leverage, coverage, or free cash flow.
  • Index-based spreads between rating categories provide misleading signals to sector rotators.
  • There is no systematic underpricing of speculative grade busted convertibles.
  • There are instances where yield and price move in the same direction.
  • Market-cap-weighted indexes do not cause investors to be overweighted in the most leveraged credits.
  • One previous study found that the high yield spread curve is positive.  Another found that it is negative.  Both were wrong.
  • The reported volatility of the high yield asset class is unquestionably understated.

Zoom information will be forwarded to you after your registration is completed. Look for an email from no-reply@zoom.us with your personalized zoom link.

WHEN: September 21st, 2021 from 3:00 PM to 4:30 PM

CONTACT:

Phone: (212) 943-1900
Email: fiasi@fiasi.org