High-Grade Consumers

Credit awards 2002

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What was one of the worst calls to make in your sector over the past year that you avoided?

Although the more cyclical issuers within the sector such as hotel and luxury goods companies suffered in the aftermath of September 11, the sector remained free of the ‘blow-ups’, perhaps with the exception of two US retailers, Toys R Us and Gap. The worst thing to have done would have been to underweight the tobacco sector as it turned in the best performance of the year.

What is the most

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