Avenue Capital stops sharing fund flow data following junk-bond outflows
Breakfast with Benjamin Avenue Capital decided to deal with the outflows from its junk-bond fund by not reporting them to Lipper and Morningstar. That should do the trick.
- Avenue Capital Management decided to deal with the outflows from its junk-bond fund by not reporting the outflows to Lipper and Morningstar. That should do the trick. Not following the standard, but voluntary, practice of reporting asset levels is very unusual.
- The junk-bond market is making a strong case for a recession this year. The current high-yield bond spread over Treasuries is halfway between historical averages and bad times.
- Mike Kitces gets all counterintuitive and thinky in dishing about the upside of illiquidity. Pretty good stuff. Greater risk doesn’t always equal greater returns, but less liquidity might.
- At $1.5 billion, today’s Powerball jackpot could place some lucky soul ahead of Berkshire’s Charlie Munger and DoubleLine’s Jeffrey Gundlach on the Forbes rich list. Of course, that’s before taxes. Flanked by Snapchat’s Evan Spiegel and Ford Motor Co’s Martha Ford.
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