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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (32798)	11/18/2008 10:39:20 PM
From: Jurgis Bekepuris	Read Replies (1) of 78704

Well, I sold GNW for about a wash after the debt got downgraded but GNW borrowed from revolver to pay that particular bond issue (2009 May maturity). I was not comfortable holding it anyway. I sold MS bond for a small gain. I still hold AIG debt which right now has traded about $.70-.73 on dollar vs my purchases at $.60 and $.52. Not easy to sell it at that price though, I think the bid may be around $.67 or so. Almost all A rated bonds with 20+% yields have disappeared on Fidelity. GNW long maturities (2014 or so) are still available, but I don't think I want to risk them without government guarantees. Some AIG subsidiary debt still shows up, but I am not sure if it is more attractive than stocks. Considering some stocks could triple without being overvalued, even 20% "guaranteed but risky" bond return is becoming not very interesting. I would not buy a bond fund, since I have no clue what's in it, but that's just me. :)

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