Hi Maurice, <<Good grief! I can see why you are very wary of being caught in the crossfire Jay and there you are, or were, right in the thick of it ... I might think it time for me to take a wander through the carnage and see if it's worthwhile>>
:0)
Message 16216838
August 15th, 2001
“Hi Jay, Oops, broker just called. Cash went down 55 basis points and bond went up by equal amount due to execution on GX, not the convertible but the 8.7% Aug 2007 maturity Global Crossing Senior unsecured bond at 70. Now I know why they call it distressed bonds, for I feel exactly that:0)
… and then By Private Mail
October 15th, 2001
… My allocation position, unlike that of Abby Jo Cohen, has not changed appreciably. I had tripled my earlier position in GX 2007 8.75% bonds the day after Columbus Day. My first tranche was purchased at 70 cents on the dollar about three weeks earlier, and the post-Columbus Day second tranche (tripling) was done at 19.5 cents on the dollar. I do not planned to average down again”
… and so, I have 0.85% of my cash committed to GX bonds, or 0.36% of my overall NAV. I am kept awake by my nightmare allocation, thinking that if it actually goes down to zero I would be ruined, for a few minutes, not the nightmare, but the ruining.
Please inform me when and if you entered the arena, and that will mark the point I start counting the subsequent 50% fall to time my next tranche:0)
You see, I have no strong conviction about the market. Only caution.
Reference ...
Message 16699232
Chugs, Jay |
