Hybrid Vigor Volume 1 Issue 6

Dear Friends,
 
Amidst some volatility—at last—we send you the sixth edition of Hybrid Vigor.

Given the recent selling, we think today’s focus on flows is particularly appropriate. We hope you find the information useful and worthy of further discussion.
 

We also touch upon today’s big Tyson mandatory—this did not turn out to be the best day to buy a big new deal—and the prospects for more such deals in the near future given the possible regulatory overhang.
 
Finally, our head of credit research, Kent Bailey, puts on his equity hat and makes a case for buying the Salix 1.5% convertibles despite their high dollar price.
 
This is a sad time in convertibles. We are a small group, so when we lose one of our own too early, we feel it acutely. I knew Adam Posnack for well over a decade. I never had a conversation with him—either in the midst of a trade or on the golf course—that wasn’t sparked with enthusiasm and good cheer. We’re really going to miss him, and we wish his family strength amidst their unimaginable grief.
 

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Bill Feingold
Co-Founder and Managing Principal
Hillside Advisors LLC