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Stephen Wachtel

Steve Wach tel, CFA

Portfolio Manager

Portfolio Manager 

What Could Go Wrong?

January, 2018

Earnings are accelerating, global economic growth is booming, central banks are still relatively accommodative, and there are no immediate geopolitical risks, but it still pays to be prepared…read more

2017 brought into focus the likely prospects of dramatic corporate tax relief, deregulation and expansionary fiscal policy. Actual progress on deregulation and the tax reform ignited the animal spirits. Against a backdrop of what was a synchronized global acceleration in economic activity, earnings surprises turned strongly positive. Prospects seem likely for three and possibly four additional Fed Funds rate hikes in 2018.  With their unique combination of fixed income and equity attributes, convertibles appear well poised to navigate the market environment ahead and benefit from the imminent volatility read more

Ravi Malik, CFA

Ravi Malik, CFA

Portfolio Manager, Principal


Portfolio Manager 

Convertibles: 2018 Market Outlook

January, 2018

Given the unusual market action over the last couple of weeks, we thought you would be interested in SSI’s take on recent events, along with our updated outlook…read more

George Douglas, CFA

Chief Investment Officer

George Douglas, CFA

Recent Market Turmoil- Now What?

February, 2018

Convertible Arbitrage offers an attractive long-term risk/reward profile, a lack of correlation to most major asset classes, a structure that allows one to monetize volatility, and exposure to a liquid but niche asset class that enjoys a risk premium.


Convertible arbitrage portfolios have three primary sources of return…read more

Dagney Hollander

Portfolio Manager

Dagney Hollander

Convertible Arbitrage - Still Holding Strong

August, 2018

Resent Market Turmoil - Now What?

October, 2018

Kenneth Raguse George Douglas, CFA

George Douglas, CFA

Chief Investment Officer

Kenneth Raguse, CFA

Portfolio Manager

Given the unusual market action over the last couple of weeks, we thought you would be interested in SSI’s take on recent events, along with our updated outlook…read more

Risk Mitigation Focus

November, 2018

Kenneth Raguse

Kenneth Raguse, CFA

Portfolio Manager

Any uncertainty that has the potential to prevent investors from reaching their objective can be considered risk. Risk mitigation is anything that reduces this uncertainty…read more

Historically, rising rate environments are correlated with increased convertible new issuance as companies can typically raise convertible debt at lower interest rates relative to traditional fixed income.  With rates finally breaking out on the upside this year, annualized issuance figures for the U.S. Convertible market in 2018 show record high levels not seen in a decade …read more

Ethan Ganz

Portfolio Manager

Ethan Ganz

New Issuance in the Convertible Market - What’s Ahead

December, 2018

Applying a new name to an old idea and calling it "factor investing", "smart beta" or, worse yet, "alternative risk premium", with the hope of generating a different outcome is the height of folly and the definition of insanity.…read more

George Douglas, CFA

Chief Investment Officer

George Douglas, CFA

An Investor’s Definition of Folly and Insanity

December, 2018

Florian Eitner, CFA

Florian Eitner, CFA

Portfolio Manager

The Market Humbles the Majority - Yet Convertible Bonds Provide an Attractive Tradeoff between Upside Participation and Downside Protection

December, 2018

Fear is taking a hold of the stock market as investors pulled ~$35B from equity funds in the week ended 12/18 (WSJ online 12/21/18). Forian Eitner, CFA, discusses convertible bonds, which provide upside participation with the underlying equity, but also help limit downside participation via the embedded bond floorread more

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