Bank Bonds Prove Windfall for Canada Firm

Phil Mesman and his colleagues at Picton Mahoney Asset Management have been scooping up subordinated debt issued by the likes of JPMorgan Chase & Co., Barclays Plc, and Credit Agricole SA in the 1980s and 1990s that is trading at a discount to face value. The goal is to get repaid early at a premium to the current price. This strategy has handed the firm’s funds returns of more than 20 percent, Mesman said. Bloomberg's Allison McNeely reports. (Source: Bloomberg)

How Investors Can Fight the Urge to Go to Cash
45:17 - In today's "Single Best Chart," Bloomberg's Tom Keene displays the performance of the S&P 500 going back to 1927. He speaks with Brian Levitt, senior investment strategist at OppenheimerFunds, on "Bloomberg Surveillance." (Source: Bloomberg)
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