Abstract
Overview High-yield bond guru Marty Fridson warns that investors shouldn’t fall back on the conventional thinking to shorten maturities when long-term interest rates begin a cyclical rise. In an interview with Institutional Investor Journals, Fridson offers an interesting analysis of two prior periods of rising bond yields where shortening maturities didn’t work. Counter-intuitively, high-yield investors will be better positioned in this cycle by considering lower-rated bonds and making selective industry picks, he advises. Fridson presented his views at the 69th CFA Institute Annual Conference.
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