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Income Investors Should Learn to Love Volatility
by Gershon Distenfeld of AllianceBernstein, 11/9/16

Years from now, we may recall 2016 as the year when political risk became a constant presence hovering over the investment landscape. But fear not: there are ways for investors who rely on fickle global credit markets for income to turn the turbulence to their advantage.

Will Mortgage Bonds Be the Next Disaster—Again?
by Gershon Distenfeld, Michael Canter of AllianceBernstein, 10/6/16

For some investors, any mention of US mortgages takes them back to the dark days of 2008. But today’s mortgage bonds aren’t the devils some market participants make them out to be.

Stressed? A Low Volatility Strategy May Help
by Gershon Distenfeld, Ivan Rudolph-Shabinsky of AllianceBernstein, 8/23/16
Investing means taking calculated risks, but nobody should have to lose sleep over it. If your portfolio is keeping you up nights, it may be time to consider a low-volatility strategy.

For Many High-Yield Issuers, Cheap Oil is Good News
by Gershon Distenfeld of AllianceBernstein, 8/2/16
Who’s helped by low oil prices? When it comes to high-yield issuers, the answer is simple: most of them.

Looking for Stable Income? Consider US Real Estate
by Gershon Distenfeld of AllianceBernstein, 7/15/16
Earning investment income today is tough—and it’s probably going to stay that way. But there are opportunities in less traveled parts of the bond market. And they’re not as risky as you might think.

How to Stay Afloat in Choppy High-Income Markets
by Gershon Distenfeld of AllianceBernstein, 7/6/16
Brexit has made at least one thing certain: markets are in for a stormy summer. Even so, there are steps that investors who rely on fickle global credit markets for income can take to stay afloat.

High-Yield ETFs Miss the Boat...Again
by Gershon Distenfeld of AllianceBernstein, 6/27/16
High-yield exchange-traded funds (ETFs) struggled last year, in part because energy bonds took a beating when oil prices fell. Does that make an ETF that avoids energy bonds a good idea? We don’t think so.

Some Energy Fallen Angels Find Their Wings
by Gershon Distenfeld of AllianceBernstein, 6/1/16
Many energy companies have been downgraded to junk status, but some will rebound faster than others as commodity prices recover. Investors tapping global bond markets for income should take note.

The Power of High Income
by Gershon Distenfeld, Paul DeNoon of AllianceBernstein, 5/10/16
Did you pull out of high-yield bonds when the year began, and miss the recent rally? If so, don’t worry. We still see opportunities in high-yield and other high-income assets around the globe.

A Recipe for Lower Volatility in High Yield
by Gershon Distenfeld, Ivan Rudolph-Shabinsky of AllianceBernstein, 4/5/16
“He who doesn’t risk never gets to drink champagne.” As investors, we can all relate to this Russian proverb. But in choppy markets, big risks can be hard to stomach. A low-volatility strategy can help.

Looking for Value in High Yield? Avoid ETFs.
by Gershon Distenfeld of AllianceBernstein, 3/29/16
Are high-yield bonds cheap today? Relative to history, yes. But they’re not all alike. That’s why using a passive exchange-traded fund (ETF) to tap into the market can be costly.

Scared of Defaults? Don’t Worry, There’s a Bright Side
by Gershon Distenfeld of AllianceBernstein, 3/21/16
It’s hard to talk about high-yield bonds today without addressing defaults. So here’s our take on the matter: Default rates will rise over the next few years. But don’t fret: returns are likely to rise, too.

Tuning Out the White Noise in High Yield
by Gershon Distenfeld of AllianceBernstein, 3/7/16
The sound and fury surrounding high yield these days can make it hard for investors to hear themselves think. It’s time to turn down the volume. Here are four things to keep in mind.

High Yield: The Comeback Kid
by Gershon Distenfeld of AllianceBernstein, 3/3/16
How swift will this recovery be? The US high-yield market has suffered nine peak-to-trough losses greater than 5% in the last 17 years. On average, investors recovered their losses in only four months—and sometimes as few as two. Following the longest and largest drawdown, which lasted 19 months and reached –35%, investors who stayed in the high-yield market earned back 55% in just eight months.

How Well Do You Know High Yield?
by Gershon Distenfeld of AllianceBernstein, 2/26/16
While it may initially seem counterintuitive, the high-yield market’s quick rebound rate after downturns actually makes sense. Its consistent, high income makes it among the most resilient asset classes.

High Yield: Could the 2008 Crisis Repeat Itself?
by Gershon Distenfeld of AllianceBernstein, 2/23/16
Does the recent stress in high yield mean we’re headed for another financial crisis? We don’t think so. The probability of anything happening in markets is never zero. But in this case, it’s pretty close.

Why It Pays to Keep an Eye on the Credit Cycle
by Ashish Shah, Gershon Distenfeld of AllianceBernstein, 1/28/16
Market sell-offs can be unsettling. But it’s important to keep them in perspective. The recent downturn in some credit markets is normal, given where we are in the credit cycle. It’s not evidence of a bursting bubble.

Even As Defaults Rise, High Yield Should Stay Afloat
by Gershon Distenfeld of AllianceBernstein, 1/22/16
The plunge in commodity prices is bad for energy- and metals-sector high-yield bonds. But it’s positive for the majority of issuers. That’s why we expect only a modest rise in the average default rate in 2016.

ETFs: Passing Marks for Liquidity, but What About Performance?
by Gershon Distenfeld of AllianceBernstein, 12/21/15
Proponents of credit exchange traded funds (ETFs) claim the last week of market turmoil was a test for these instruments—and that they passed. We think this takes grading on a curve to a new level.

Want High Income? Time to Expand Your Horizons
by Gershon Distenfeld of AllianceBernstein, 12/9/15
As we look ahead to 2016, we still see attractive opportunities for investors who need their portfolios to deliver a high level of income. CCC-rated corporate bonds are not one of them.

Want High Income? Time to Expand Your Horizons
by Gershon Distenfeld of AllianceBernstein, 12/8/15
As we look ahead to 2016, we still see attractive opportunities for investors who need their portfolios to deliver a high level of income. CCC-rated corporate bonds are not one of them.

Cutting Your Losses? With High-Yield ETFs, Maybe It’s Time
by Gershon Distenfeld of AllianceBernstein, 12/1/15
If you bought a high-yield exchange-traded fund (ETF) over the past two years and still own it, you’ve probably lost money. But don’t fret. This might be an ideal time to change course.

Want High-Yield Exposure? Forget About ETFs
by Gershon Distenfeld of AllianceBernstein, 11/7/15
Have a short-term view on high yield? Maybe an exchange-traded fund (ETF) is right for you. But if you want long-term exposure to this market, ETFs are a terrible choice.

No Contest: In High Yield, Active Funds Beat ETFs
by Gershon Distenfeld of AllianceBernstein, 8/18/15
Investors have been rushing into high-yield exchange-traded funds (ETFs) for years. But have they been getting their money’s worth? A look at the performance numbers offers a clear answer,“No.”

With High-Yield ETFs, Costs Can Be Hidden
by Gershon Distenfeld of AllianceBernstein, 7/8/15
More and more investors see exchange-traded funds (ETFs) as an easy and inexpensive way to tap into the high-yield market. We have some friendly advice for them: look again.

Finding an Oasis in a Bond Liquidity Drought
by Gershon Distenfeld of AllianceBernstein, 4/1/15
Let’s not mince words: Liquidity is draining out of global corporate bond markets, and we doubt it’s coming back. But that doesn’t mean investors have to take their chips and go home. In fact, with the right approach, less liquid markets can offer some attractive opportunities.

Don’t Count High Yield Out in 2015
by Gershon Distenfeld of AllianceBernstein, 2/11/15
Fears about higher US interest rates, rising defaults and a multi-month decline in the price of oil have injected a dose of high anxiety into the high-yield market. But we still think investors will be better off this year if they stand their ground and stay invested.

High-Yield ETFs: Don’t Get Fenced In
by Gershon Distenfeld of AllianceBernstein, 2/6/15
Few high-yield investors have weathered the recent plunge in energy prices without experiencing at least a few bumps and bruises. But those who relied on broad market exchange-traded funds (ETFs) to gain market exposure are nursing the most serious wounds. Coincidence? We don’t think so.

High Yield: The Perfect Storm That Wasn't
by Gershon Distenfeld of AllianceBernstein, 1/31/14
Investors should not focus on how rising rates may affect high yield. Instead, they should take a more thoughtful approach. This means they should not expect double-digit returns, nor should they reach for yield by buying triple-C bonds. At this point in the credit cycle, when concerns begin to develop disproportionally in lower-rated credits, investors are not getting compensated for taking this type of risk. Instead, investors should accept that single-digit returns are a realistic expectation in 2014. And in a relatively low-rate environment, we dont think thats a bad thing.

High-Yield Wont Bubble Over
by Gershon Distenfeld of AllianceBernstein, 1/25/13
High yield may be a bit pricy these days, but we dont see a bubble building. In fact, we think the structural characteristics of bonds and the behavior of bond investors make a bubble nearly impossible.

Looking Under the Hood at High-Yield Bank Loans
by Ashish Shah, Gershon Distenfeld and Ivan Rudolph-Shabinsky of AllianceBernstein, 1/4/13
When you're shopping for a car, you take a look under the hood to see what makes the thing run. You also check out the car's features: does it have heated seats, a rear-view camera, a GPS? What goes for buying cars goes for investing in high-yield loans. As it turns out, not all loan features are what you'd call investor-friendly.

High-Yield Bank Loans: Look Before You Leap
by Ashish Shah, Gershon Distenfeld, Ivan Rudolph-Shabinsky of AllianceBernstein, 12/11/12
High-yield bank loans are a hot topic again in capital markets, with features touted as ideal for today's environment. But we think it makes sense to take a closer look at what bank loans really areand aren't. In our opinion, there are a few holes in the case for piling into high-yield loans.
Results 51–82 of 82 found.