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Guest article written for AllAboutAlpha.com – the official publication of the Chartered Alternative Investment Analyst (CAIA) Association originally posted at: http://allaboutalpha.com/blog/2011/08/11/alpha-hunter-krishna-menani-the-opportunities-and-risks-in-bond-markets/ In any economic system, the fixed-income (bond) market plays an essential…
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Looking at the bond market to provide you protection from inflation is a fools game. If you are really worried about inflation- you have to buy stocks.
— Krishna MemaniWe compute some level of default and losses because of those defaults- and perform IRR calculations to create yields and then we haircut it some more because, in truth, we have no idea!
— Krishna MemaniThe true risk with all of these securities is the fact that real-yields are actually negative. So I don't think this is an issue of ability or willingness to pay, it's really that you are getting negative real returns.
— Krishna MemaniThe only value that government paper provides you at this point is, basically, the fact that if everything goes to 'hell in a handbasket' that you have some assets of value.
— Krishna MemaniMore conversations
