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A "Safe" 6% Yield: The Case for Investment Grade CLOs
Money For the Rest of Us
What Is Risk and Uncertainty?
I didn't realize the extent that leveraged loan prices could fall as their spreads widened. At the time I wrote to our clients, we are adverse to holding on to an investment if we no longer believe the potential reward justifies the risk. The dramatic widening of bank loan credit spreads coupled with their unprecedented volatility in the past six months testifies to the extreme uncertainty currently surrounding the asset category.
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