Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: Bonnie Bear who wrote (488)	7/9/1998 10:20:00 PM
From: porcupine --''''>	Read Replies (1) of 1722

I don't follow bonds, straight or convertible. I would want to know if these CEF's are senior securities, or if they they are subordinate. If the latter, they basically offer no more protection than the common in the event of a reorganization. Needless to say, convertibles have the most upside potential if there is a strong upward price movement in the stock into which they are convertible. Also, is there call protection? If not, it's often a case of heads the issuer wins -- tails the bondholder loses.

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