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Building an income allocation without depending on coupons
Build an income plan that can survive interrupted distributions, price declines and an unexpectedly long holding period.
Read articleFOLITIC / HYBRID SECURITIES
Hybrid Securities Trading Guide
Understand securities that combine features of debt, equity and derivatives. Follow eight stages covering preferred shares, convertibles, corporate hybrids, bank capital and structured notes.
Start with What makes a security a hybrid, then follow the next lesson links. Explore 32 lessons with worked examples, exercises and further reading.
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Portfolio Strategies and Risk · All lessons
Portfolio Strategies and Risk
Build income plans, evaluate hedges and stress test a complete hybrid allocation.
Advanced
Convertible hedging and the limits of arbitrage
Understand how convertible hedging works and why a position described as arbitrage can still produce substantial losses.
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Advanced
Stress testing concentration and correlated losses
Test hybrid holdings against common shocks instead of relying on the number of securities in the portfolio.
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A complete hybrid security investment review
Bring the learning path together in a practical review that connects the legal terms, issuer strength, valuation and portfolio purpose.
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