09-21-21 | Marty Fridson Presents

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.

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