A Public Service Announcement [Seeking Alpha]
iShares Global Timber & Forestry ETF (WOOD)
US:NASDAQ Investor Relations:
ishares.com/us/products/239752/ishares-global-timber-forestry-etf
Company Research
Source: Seeking Alpha
Summary This is a Heisenberg public service announcement for anyone who owns iShares iBoxx $ High Yield Corporate Bond ETF (NYSEARCA: HYG ) and/or SPDR Barclays Capital High Yield Bond ETF (NYSEARCA: JNK ). Given that this is a public service announcement, I'm aiming for maximum conciseness here. If you want the diatribe- ish version, see here . Or maybe here . See, when you own a high yield corporate bond ETF, you think you have liquidity. After all, you can trade in and out of it all day like a stock. In reality, you have "phantom" liquidity. The only reason you can trade in and out of it with ease is because the flows are diversifiable. That is, when one manager is seeing inflows, another is seeing outflows, so they can effectively swap portfolio products. That looks like this: (Barclays) See how the heading there says " after: low dealer inventory impairs this process" ? Yeah, so you should read the word " after " as " post-crisis. " The
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