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Convertible Bonds Offer Protection Against Stagflation, Other Ills Facing Markets: Daniel Partlow (Szn 4, Ep23)

Published September 6, 2022

Daniel Partlow, chief risk officer at Advent Capital Management, joins the podcast to discuss convertible bonds. Partlow is a specialist in these securities, having written a book on the subject titled ‘Convertible Securities: A Complete Guide to Investment and Corporate Financing Strategies.’

Content Highlights

First, the basics: What are convertible bonds and how do they work? The asset class has actually been around for more than three centuries… (3:29);
Some of the characteristics of converts include a maturity of about four to five years but with low interest rate sensitivity of much shorter duration bonds (6:42);
A typical balanced convert will provide downside protection (via the bond floor) and upside potential through the equity participation (9:18);
Converts have done well in inflationary environments, with less volatility than stocks (11:44);
The default rate for converts is a fraction of high yield and leveraged loans (20:38);
Background on the guest (24:59);
The specter of stagflation and how converts can protect against that (27:50);
Where might there be particular opportunities in the converts market right now? (33:07);
Examples of individual securities that may be of interest (37:52).

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Szn 4, Ep 6: The ‘Bad Times Are Already Here,’ With Acquirers Funds’ Tobias Carlisle

Published March 2, 2022

Tobias Carlisle of Acquirers Funds rejoins the podcast to discuss the stock market’s latest dramatic reversal, this time over Russia’s invasion of Ukraine, and why investors may be a bit too bullish at present…

Content Highlights

How to take the huge reversal last week with Russia-Ukraine? (3:11)
Every war starts with “the boys will be home by Christmas,” but most tend to drag on longer than anticipated. Sometimes a lot longer… (5:13);
Growth stocks have been in correction territory for some time. Are they in a bear market? Probably… (8:52);
The interest rate cycle has not started tightening but inflation has the Fed caught between a rock and a hard place (15:53);
Energy and energy stocks are still cheap. Then there are defense contractors. Lockheed Martin (LMT) has benefited from Russia-Ukraine and Carlisle is a holder… (21:25);
Facebook aka Meta (FB) is also cheap (23:20);
Non-fungible tokens, or NFTs: Dead as Disco (30:12);
The aim of investing is to survive the bad times and they are “probably here” (37:18).

More From the Guest

Website: AcquirersFund.com;
Twitter: @Greenbackd;
Books: The Acquirer’s Multiple and Deep Value via Amazon.

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Szn 4, Ep 5: Opportunities Abound in Emerging Asia, with Herald van der Linde, HSBC

Published February 15, 2022

Herald van der Linde, head of Asia equity strategy for HSBC in Hong Kong, joins the podcast to discuss opportunities in emerging Asia.

Content Highlights

Emerging markets have under-performed developed markets, including in Asia — but this is not an entirely fair comparison (3:09);
What of the premise that much of emerging Asia are simply suppliers to China and therefore dependent on that country? This too is not so simple… (6:01);
Markets like Indonesia move independent of China and the U.S. With 250 million people, a growing middle class, and improved infrastructure, this is one area where there are opportunities (8:21);
Financial services still have ample room to grow in the region, with large numbers of under-banked individuals. The energy sector, meanwhile, is transitioning (12:45);
Background on the guest (19:26);
Consumers are a growing force throughout Asia, but individual countries have vastly different spending habits. An overview (24:38);
There is one country that nobody is really looking at in professional investing circles. The possibilities are enormous. That country is Bangladesh (31:55).

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