龙心盐期权
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Four Golden Sentences on Junk Bonds
The expert in junk bonds, Howard Marks, has said three things; let's read them together.
1 The worst loans happen at the best times.
Do you remember the big short? They didn’t earn much in the stock market but made a killing on bond insurance bets. The author of this book discussed bond traders in his previous book; I recommend everyone to take a look. Traders don’t even know if they are trading poop or chocolate.
The better the economy, the more people feel it's safe to lend money to others, which actually pushes up bond assets. When liquidity tightens, stocks can be sold at a discount, but bonds can directly turn into worthless paper.
1 The worst loans happen at the best times.
Do you remember the big short? They didn’t earn much in the stock market but made a killing on bond insurance bets. The author of this book discussed bond traders in his previous book; I recommend everyone to take a look. Traders don’t even know if they are trading poop or chocolate.
The better the economy, the more people feel it's safe to lend money to others, which actually pushes up bond assets. When liquidity tightens, stocks can be sold at a discount, but bonds can directly turn into worthless paper.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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