Author Topic: Francis Chou Presentation - 2013 Ben Graham Centre Value Investing Conference  (Read 1595 times)

hellsten

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augustabound

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Nice, thanks for posting this.

mankap

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Thanks for posting this.
I had bought BAC preferred in 2010 and have not bought bonds.
I will start paying attention now.

Liberty

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Thank you for posting.
"Most haystacks don't even have a needle."

negative alpha

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Anybody actively invest in debt securities? I've always felt that at the retail level, investing in fixed income was difficult due to the lack of information and resources and also because of the high investment increments of $1,000 or $10,000. Any of this true?

LC

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Anybody actively invest in debt securities? I've always felt that at the retail level, investing in fixed income was difficult due to the lack of information and resources and also because of the high investment increments of $1,000 or $10,000. Any of this true?
Would love to know anyone's experience with this as well. I'd like to be able to find bargains higher in the capital structure as well. It's fun screening for low P/Es and I can only imagine how fun it would be to screen for senior bonds trading significantly below par.
"Lethargy bordering on sloth remains the cornerstone of our investment style."

valueorama

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Anybody actively invest in debt securities? I've always felt that at the retail level, investing in fixed income was difficult due to the lack of information and resources and also because of the high investment increments of $1,000 or $10,000. Any of this true?

To some extent it is true. I dont think information is an issue. I see issues in pricing. If you have fidelity account, you can look up bonds. YOu will see price difference in the same bond for different sizes. You will get better yield on a bigger notional. Until bond trading goes completely computerized, it will be like this.

Good news is that lot of the big Wall st firms are going towards computerization. So in next 5yrs we will get there.