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Roni Israelov, President and CIO: NDVR

Alpha Exchange

CHAPTER

The Negative Alpha of the Corporate Bond Strategy

The bond volatility side, I think, is underappreciated. It's very hard to fully understand the exposures that somebody's getting when they're allocating to corporate bonds. The issuer is effectively getting long that vol through the ability to call the bond. And of course, we had just an incredible explosion of rate fall and late 2021 and it's 2022.

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