Monthly Archives: March 2017

Our Active Strategy in High Yield Debt

As we wrote earlier this year in our piece “Pricing Risk and Playing Defense,” we are not believers in a significantly higher interest rate environment.  The global economy is simply too weak to tolerate higher rates.  The Fed will raise …

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High Yield in a Rising Rate Environment

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Pricing Risk: The Three U’s

Every investment opportunity set (asset classes and individual securities) has risk.  The key is to identify the risk and “price” it correctly.  For us, assessing and pricing risk involves analyzing credit spreads in light of their expected default rates.  This …

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Debt + Demographics = No Demand

The consensus is that rates will be going up, but the consensus has been wrong about rates time and again over the past several years—none of us know the future.  What we do know is that the two monsters of …

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