Hybrid Vigor: Vol 1 Issue 11 "Greetings from Saratoga"

Greetings from Saratoga, and welcome to the first of three abbreviated weeks of Hybrid Vigor. As we enter the final weeks of summer, we, like most others, are working with a smaller crew.  We also continue to tweak our product as we get ready for moving to a subscription-based model later this year.

With our production limitations, this week’s Ugly 20 list is based on prices from Friday’s close. While we believe HARP is a more useful tool for identifying precarious bonds than for finding cheap ones, we do continue to point out individual low-HARP bonds we consider attractive.  Readers continue to ask us for a list of low-HARP bonds.  Since HARP depends heavily on price point, many low-HARP bonds trade at 105 or lower.  But we do provide a list of 10 lower-HARP bonds in the same 110-140 price range as their Ugly 20 cousins.

In addition, Kent Bailey evaluated TTM Technologies’ turnaround effort. Roman Terekhin and Jeffrey Alton collaborated on a report evaluating the prospect of Titan Machinery. Finally, Jeffrey Alton and Sue Wu provided some earnings analysis on 51Jobs, a Chinese Internet Recruiting firm.

A reminder: we’ll have information for you in the next couple of weeks about our September cocktail event in New York. We also look forward to meeting readers in several other cities in October to discuss Hybrid Vigor.

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Bill