MPV - A Cautionary Take On High-Yield Bonds
By Jeremy Schwartz, CFA
On the last "Behind the Markets" podcast, Liqian Ren and I hosted two recurring guests. Bill Stone, CIO of Avalon Advisors, discussed joining Avalon and his global market outlook. Martin Fridson, CIO of Lehmann Livian Fridson Advisors, joined for the second half of the podcast to share his expertise on the high-yield bond market.
Stone's Experience and Market Outlook
Avalon Advisors is based in Texas, and Stone has a more positive view on some of the major energy companies. Stone favors integrated oils, which have shown greater earnings, even as oil