Jon Schotz

The chief investment officer of Saybrook Capital in Santa Monica, California discusses his hedge fund's activity in the municipal bond market


Q: A few years ago hedge funds were scarcely involved in municipal bonds. Today, those that are involved are generally playing the yield curve with municipal arbitrage trades on high-grade bond issues. What triggered your interest in the lower investment-grade space?

A: Our involvement in credit generally, and munis specifically, stretches back over 15 years and includes working with distressed munis when we represented the government agencies that wanted to recover lost funds in

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