"I am not the fool who claims to be on the leading edge of the bond market by buying junk when there is essentially no difference between junk and high quality."

Now I know you have some time on your hands.... So go back through the archives and find me the quote where I state that I am "on the leading edge of the bond market"... If you miscontrue my comment about anticipating a potential spread widening of yields, then you can hang on to that interpretation.

Other than that, you may be quiet now old man.

[quote=blarmston]

"I am not the fool who claims to be on the leading edge of the bond market by buying junk when there is essentially no difference between junk and high quality."

Now I know you have some time on your hands.... So go back through the archives and find me the quote where I state that I am "on the leading edge of the bond market"... If you miscontrue my comment about anticipating a potential spread widening of yields, then you can hang on to that interpretation.

Other than that, you may be quiet now old man.

[/quote]

Poor Blarmston, embarassment is such a trick emotion.

So sad, too bad.

Newbs....

You have yet to bring up my quote... So instead you imagine an ideal emotion that you would like me to have based on your comments, and then you take pity on that imagined emotion...

Your mind works in wonderful ways.

[quote=blarmston]

Newbs....

You have yet to bring up my quote... So instead you imagine an ideal emotion that you would like me to have based on your comments, and then you take pity on that imagined emotion...

Your mind works in wonderful ways.

[/quote]

Are you saying you are proud that you don't understand the bond market?

[quote=NASD Newbie][quote=blarmston]

Newbs....

You have yet to bring up my quote... So instead you imagine an ideal emotion that you would like me to have based on your comments, and then you take pity on that imagined emotion...

Your mind works in wonderful ways.

[/quote]

Are you saying you are proud that you don't understand the bond market?

[/quote]

This from the pinhead who brags about the time he blew up a widow with his choice of bonds, during his short, but illustrious career in production.

Put, do you think for even a moment before you post your ridiculous tripe?  Are you even capable of rational thought?

[quote=Soothsayer]

[quote=bankrep1]Why does everyone think I sell VA’s all day? [/quote]

Because you work at a bank, jackass!

"Are you saying you are proud that you don't understand the bond market?"

Its hilarious how predictable Put's responses are. Whenever faced with a rebuttal that he cant handle, or whenever someone points out an inefficiency in his posts, he resorts to a "are you proud that you cant type?" or a "are you proud to not understand or have a grasp of....?" sort of comment. Or he will either ignore the retort and focus in on something else to try and pick apart.

Quite amusing.

You mean like posting MORE pictures of Mr Wiggles?

Or he will simply restate his question, thinking that when the other party doesnt answer, that his superior intellect has gained an advantage.

He probably drifts off to sleep at night replaying all his internet "victories" gained during his busy, fun filled day on this forum.

[quote=blarmston]

"Are you saying you are proud that you don't understand the bond market?"

Its hilarious how predictable Put's responses are. Whenever faced with a rebuttal that he cant handle, or whenever someone points out an inefficiency in his posts, he resorts to a "are you proud that you cant type?" or a "are you proud to not understand or have a grasp of....?" sort of comment. Or he will either ignore the retort and focus in on something else to try and pick apart.

Quite amusing.

[/quote]

I am not the one who said that buying junk bonds when the yield curve differentials was narrow was appropriate, and that if one waited till the differential had widened they would miss a move worth taking part in.

Your strategy is a guaranteed loser, regardless of how you try to spin it.

As I said, you should be embarassed strutting a basic lack of intellect as if it was something to be sought.

How many tmies did you fail Series 7?

83 on 7- first time playa.....

As for our exciting dialogue, lets consider a recent example. A client who has 300K in cash came to my partner and I. He is recently retired and has a 2.6M Rollover IRA at Vanguard, as well as 600K in cash at B of A. He realized he needed help in structuring a retirement distribution strategy. We met with him and conducted an asset allocation analysis, and determined that approximately 40% of the IRA should be positioned into fixed income. Of that, we are investing 15% of the FI portion into an actively managed high yield fund (Margie Patel at Pioneer if you care to know).

Now the total value of 15% of 40% is $156K to high yield. That represents 6% of the total IRA and only 4.5% of his entire investable assets.

Now good ol Margie has the ability to wander a bit. She currently has about 65% in high yielding bonds, about 25% in convertibles, and about 10% in high-dividend yielding stocks. Her track record speaks for herself in that she has the ability to rotate into asset classes based on here teams anlaysis and outlook.

I place a certain percentage into High Yield because it is a viable asset class to be in long term.

I have not stated that I am the bond master, or that I can predict bond market moves. I simply know that right now junk looks unattractive relative to treasuries. That will change. And by the time people recognize this, the bond pro's have already been aware of this change, and their portfolios have been positioned accordingly say 6 months before the masses find out.

Good night Putsy- Love you old man........

C'mon, Putsy!  Tell the bond story.

You remember...you blew up some poor widow and her son was going to sue.  And you were going to let your former assistant take the fall!  LOL!  That's a real knee-slapper!

[/quote]

So if you work at a wirehouse I should assume your a stock jockey?

[/quote]

I don't work at a wirehouse.  Nice try, though.

Well do you make that assumption of those who do work at wirehouses?

I was completely expecting to see a post forom the old man at 4:37am EST waiting for me this morning. Either he’s dead or his med’s havent kicked in yet…

The knocks on Newbie are terrific, keep it coming blarmston, I like what you have to say.  Your allocation review strategy for bringing in new assets is solid as well.  How many times do you come across client that are simply unhappy with their volatility, more then likely because their allocation is too heavily weighted in one asset class?  It is so simple, but I guess most reps just gather assets and do not think to review the allocation to ensure it is continually in accordance with their life changes.  What a basic concept.....

[quote=blarmston]I was completely expecting to see a post forom the old man at 4:37am EST waiting for me this morning. Either he's dead or his med's havent kicked in yet....[/quote]

I'm sure it was a disappointment, but I spent the day travelling.

Having lived through several up and down swings of interest rates I only have hindsight to go by.  My current book is approximately 35% of individual bond holdings of commercial, muni and government issues.  Many of these bond holdings are/were long term issues that the clients bought 6 years ago or so carrying coupons anywhere from 5.75 to 8% on the corporates and 4.75 to 6.75% on the munis.  I have been moving my clients out of the longer term lower yielding bonds while we are still at Par or close to it.  We are holding anything 7% and up and especially the non callable issues which are still considerably above par.

I am buying short term (5 yr to 7yr) Freddie Step up notes for those clients who truly have a monthly income need. Beginning about 1 1/2 yrs ago I also moved many of my income clients into Floating Rate funds and for the more aggressive income clients into income ETFs when the rates were just beginning to be bumped.  

I don't like junk bonds right now as the reward for risk ratio is not adequate.  I really think that buying an individual issue longer that 5 years is not prudent.   Intermediate and Short Term Bond Funds might be ok as long as your client is aware that they will see a drop in principal every time the Fed jumps the rate and they plan to hold for at least 5 years.  I don't see much point in having these funds.  

For my muni clients who still need tax free I am going with some Funds and ETFs.  The problem is for those who are subject to AMT and have to make sure the fund is AMT friendly or just go ahead and swap bonds into other new issues and plan on watching and swapping again soon as the rates continue to climb.

If there is a bond rally, meaning rates will drop and currently owned bonds will appreciate, it might help some of my clients who are under par now get back up and help those that we have been repositioning to gain capital.  I don't believe we are looking at a bond rally anytime soon, which is why I am hedging with short term step notes and floating rate funds and repositioning my REITs (I expect to see declining income from those in the near future with vacancies and defaults in their portfolios)

The knocks on Newbie are terrific, As to this, it is all fun and games to poke at people, I do it too , but you really need to occasionally listen.   

[quote=NASD Newbie]

[quote=blarmston]I was completely expecting to see a post forom the old man at 4:37am EST waiting for me this morning. Either he's dead or his med's havent kicked in yet....[/quote]

I'm sure it was a disappointment, but I spent the day travelling.

[/quote]

Great!  Did you finally find work?

"I'm sure it was a disappointment, but I spent the day travelling."

Good for you buddy. That pension check hit the bank account this morning did it??? So you rounded up the old lady and the mutt and hopped on the subway for a fun filled day at the community pool did ya??? Swimming in those infested waters with the rest of the lower east side while snacking on some cheese nips for lunch??? Maybe afterwards you went over to Chinatown and got into some verbal bickering with a street vendor over a $8 knockoff Chanel watch for the 'ol ball and chain?

God, that sounds like fun... I cant wait to be like you.........