Word: junks
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...believe, as I do, that the Fed's second, mid-October rate cut signals a vigilance that will avert a recession, you'll find great value in the so-called cyclical stocks and in high-yield or "junk" bonds. I have avoided junk for years because too many weak companies were able to borrow at rates only slightly higher than those paid by the strongest debtors. Confidence in the economy ran so high that even companies with no hope of making a profit this decade could tap the markets cheaply. Junk-bond investors weren't getting paid enough for their...
...this summer's shake-out among hedge funds (big buyers of junk paper), coupled with a belief in an imminent recession, has widened the spread between high-yield and government bonds to extraordinary levels. Speculative bonds now yield almost double what you get on risk-free Treasury bonds--a remarkable opportunity...
...worth tied up in stocks, to pros whose sophisticated strategies for dealing with risk have come unglued. The trend is very good for safe havens like T-bonds (zeros or plain old bonds) or even tax-free municipal bonds, which now offer enticing yields. It means that relative to junk and high-grade corporate bonds, emerging- market stocks and bonds, and even U.S. stocks, T-bonds will attract more money. Their yields must be driven so low that riskier assets finally look preferable again. And that could be low indeed, given the bloodletting under way on Wall Street...
...junk bonds; this time it's derivatives. Buying a derivative is taking a bet -- called an option -- on the price of a stock at some future point. The plutonium of the financial world, derivatives are complex financial instruments that, in steady economic times, can churn out megatons of money for investors. Bet badly, though, and you get a meltdown. When Long-Term Capital Management, a high-risk, high-rolling hedge fund based on the formulas of two derivatives Nobelists, went belly-up last month, Greenspan realized that the damage wasn't restricted to the brandy-and-cigars crowd. Banks...
After all the winners had been announced, thefour Nobel laureates auctioned off personal itemssuch as chewed bubble gum, supermarket shoppinglists and junk mail. Glashow's cigar butts fetchedthe highest...