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