Tied to the market
Fixed-income indices are proving more of a hindrance than a help for many investors who complain that their hands are tied when it comes to making crucial investmentdecisions. Saskia Scholtes reports
In July this year, the debt capital markets marked the thirtieth anniversary of the first ever index for the fixed-income universe.
The founders of that first index, Lehman Brothers’ Art Lipson and John Roundtree, argued for a market-weight construction since the rules are easy to communicate, easy to understand and easy to conform to: the more debt you issue, the greater your position
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