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Strategies & Market Trends : Z Best Place to Talk Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (16631)	10/6/1998 9:21:00 AM
From: tom pope	Read Replies (1) \| Respond to of 53068

I agree totally with your observation. I own a little of a closed end fund called Kemper High Income which has given a nice steady return over the years, but unfortunately now trades at a premium. As you point out, it's often overlooked that a portfolio of junior bonds from Milken's deals would have done spectacularly if bought at the trough. Milken was certainly guilty of ignoring the fire wall that's supposed to exist between the trading room and the underwriting function, but his deals were well structured and had good credit underpinnings. Bank write-offs in the period came from emerging market loans and real estate, not the Drexel or KKR originated LBO's.