Bucking the trend

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The US structured products market has long been dominated by reverse convertibles, which have been a perfect match for the typical investor's passion for equities. But Miami-based Foldes Financial Management (FFM) has avoided the products entirely. "We haven't done any reverse convertibles," says Tom Balcom, investment adviser at FFM. "We don't use them internally as a firm because they are more like a single stock. Granted, there are some nice yields there, but we are focusing more on the broad

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