November 9, 2021
in Credit Ratings, ESG and Sustainability, Risk Management
Failing Up: The Fraud of the Green and Sustainability-Linked Bond Market
For those who aren’t familiar with the term, greenwashing is the act of making investments which only superficially appear to fit a…
September 8, 2021
in Credit Ratings, Duration, ESG and Sustainability, Interest Rates
Not All Junk is High Yield
Junk may be a strong choice of words to describe asset classes poised to decline in the current market environment, but there…
September 7, 2021
in Credit Ratings, ESG and Sustainability, Yields
Not All High Yield is Junk
Credit spreads are at historically tight levels. Short-term interest rates (and therefore interest income) are likely staying low for the foreseeable future.…
May 20, 2020
in Asset Allocation, Credit Ratings, ETFs, Fundamental Security Selection
Market Timing is Easy, Right?
Ok, so maybe not. No one really believes this, do they? We would venture to guess that no one reading this has…
February 18, 2020
in Asset Allocation, Credit Ratings, Credit Spreads, Duration, Risk Management, Yields
Comparing Apples and Oranges: Making Sense of Yield Parity in Fixed Income
We are in a market where demand for yield has resulted in a compression of expected returns from virtually every asset class…
October 31, 2018
in Bank Loans, Credit Ratings
Covenant Lite: Yields Great, Less (Ful)Filling
By Venk Reddy Originally published in Q3 2018 letter During the course of hundreds of conversations we have in any given…
March 1, 2018
in Credit Ratings, Duration
Short-Term Bond Funds: This Rose By Any Other Name Would Be Something Else
By Venk Reddy Originally published in Q4 2017 letter Wall Street has a long history of convincing investors that something complicated…
February 28, 2018
in Asset Allocation, Bank Loans, Credit Ratings, Credit Spreads, Duration, Risk Management, Yields
“This Time It’s Different”…And 3 Other Market Myths
By Venk Reddy Originally published in Q3 2017 letter “The four most expensive words in the English language are ‘this time it’s…
Unreliable Credit Ratings May Be Putting You At Risk