Comments on: The Education of a Corporate Bond Manager, Part I http://alephblog.com/2010/07/16/the-education-of-a-corporate-bond-manager-part-i/ Helping Institutions and Ordinary People Invest Better by Focusing on Risk Control Sun, 27 May 2012 06:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: The Aleph Blog » Blog Archive » The Education of a Corporate Bond Manager, Part IIhttp://alephblog.com/2010/07/16/the-education-of-a-corporate-bond-manager-part-i/comment-page-1/#comment-27133 The Aleph Blog » Blog Archive » The Education of a Corporate Bond Manager, Part II Sun, 18 Jul 2010 09:44:42 +0000 http://alephblog.com/?p=2700#comment-27133 [...] Part I is here. [...] [...] Part I is here. [...]

]]> By: MorallyBankrupthttp://alephblog.com/2010/07/16/the-education-of-a-corporate-bond-manager-part-i/comment-page-1/#comment-27123 MorallyBankrupt Fri, 16 Jul 2010 17:22:00 +0000 http://alephblog.com/?p=2700#comment-27123 This is a great post, David. Good lessons here, I especially like the bit about "some had to make some bids to restart the market," I think just like that. Everyone wants to hide their cards and get in and out immediately whenever they want, which in my mind is perceived as "safety" when it really isn't. That kind of liquidity is a fair-weather friend. Trading in CEFs of EMKT sovereigns during the height of the credit crisis taught me some valuable lessons about liquidity and how showing your cards and making your demand curve visible through a chain of limit orders can actually be much more profitable than trying to hide your 2000shr bid through a program that trickles them in 100 at a time. I had the pleasure of contributing to a functioning and efficient market, and getting some really good deals, which I suspect I would have never gotten because the blocks I bought would have never been put out there without a solid and sizable block of bids on the book. I look forward to the second part of this. This is a great post, David. Good lessons here, I especially like the bit about “some had to make some bids to restart the market,” I think just like that. Everyone wants to hide their cards and get in and out immediately whenever they want, which in my mind is perceived as “safety” when it really isn’t. That kind of liquidity is a fair-weather friend.

Trading in CEFs of EMKT sovereigns during the height of the credit crisis taught me some valuable lessons about liquidity and how showing your cards and making your demand curve visible through a chain of limit orders can actually be much more profitable than trying to hide your 2000shr bid through a program that trickles them in 100 at a time. I had the pleasure of contributing to a functioning and efficient market, and getting some really good deals, which I suspect I would have never gotten because the blocks I bought would have never been put out there without a solid and sizable block of bids on the book.

I look forward to the second part of this.

]]> By: JRHhttp://alephblog.com/2010/07/16/the-education-of-a-corporate-bond-manager-part-i/comment-page-1/#comment-27122 JRH Fri, 16 Jul 2010 12:43:03 +0000 http://alephblog.com/?p=2700#comment-27122 appreciate the inside baseball type posts on corp bonds Warning: array_keys() [function.array-keys]: The first argument should be an array in /hermes/bosweb26b/b2401/nf.alephblog/public_html/alephblog.com/wp-content/plugins/universal-post-manager/functions.php on line 1660

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appreciate the inside baseball type posts on corp bonds

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