Louise Purtle



I recently attended an investor conference that included, as many do, a presentation on the use of derivatives in a credit portfolio. It was very interesting, as much for what it didn’t say, as for what it did. What it did say is that managing a credit portfolio in the cash market is a nightmare, beset by problems of sector concentration, the inability to establish short positions, market illiquidity, and price dislocation caused by the forced actions of predetermined investment guidelines (such

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