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Stockreport

'I Told You So': A 'Crude' Awakening [Seeking Alpha]

iShares GLOBAL TIMBER & FOREST (WOOD)  More Company Research Source: Seeking Alpha
PDF Summary Ok, this time I'm going to say it: "I told you so." Last week, I noted (again) that when oil prices collapsed in early March the correlation between high yield and crude spiked. And I mean it spiked hard : (Goldman) The reason I made such a big deal of that is that it underscored something important about high yield ETFs. Namely, that a whole lot of people don't have any idea what it is they're getting themselves into with vehicles like iShares iBoxx $ High Yield Corporate Bond ETF (NYSEARCA: HYG ). To be sure, there are already enough problems with junk bond ETFs without having to take into account extreme vulnerability to swings in oil prices (NYSEARCA: USO ). The most pressing issue with HYG and its cousin SPDR Barclays Capital High Yield Bond ETF (NYSEARCA: JNK ) is the liquidity of the underlying bonds. Put simply: those bonds aren't liquid. And as I've spent an inordinate amount of time detailing over the past year, that spells deep - [Read more]

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