The Bond Queen Surveys Her Realm

If Pacific Investment Management's Bill Gross is the king of the bond market, Joan Payden, the president and chief executive officer of Payden & Rygel, is the reigning queen: Her Los Angeles firm oversees more than $50 billion in fixed-income assets. Payden, who has been managing fixed-income debt for more than three decades, isn't too concerned now that the Federal Reserve has finally started to raise interest rates. She sees good values in European debt and even high-rated junk bonds.

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