We have said on many occasions that there are plenty of good bonds but bad prices.  That is especially evident in today’s environment, where we are seeing a sizable portion of the market trading at prices well above the bond … Continue reading →

If there was any question about it, the financial crisis of 2008 demonstrated to us all just how flawed the rating process is.  However, in the aftermath, it has also become clear that changing that ratings process is exceedingly difficult, … Continue reading →

Investing in the leveraged loan market has been a popular strategy so far this year.  YTD, inflows into loans have totaled $23billion, well above the prior FULL YEAR record of $17.9billion seen in 2010.1  This spike has been driven by … Continue reading →

Much of the chatter this week has been about the S&P 500 hitting all-time highs (despite the fact that the economic data of late has been pretty weak and earnings coming in are showing softness from a revenues standpoint—but we’ll … Continue reading →

For those of you who’ve read much of our readings or listened to our investor calls, you have mostly likely heard us say before that our performance is as much from what we don’t buy as what we do buy.  … Continue reading →