Junk Winner in 2008 Trawls for Riches in 2020’s Illiquid Markets
- CI Investments’ Geof Marshall bets on so-called fallen angels
- Downgrades create opportunites but danger of ‘falling knives’
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Like many of his peers, Geof Marshall would love to buy the cheapest corporate bonds in decades, if he could get his hands on them.
But these are some of the strangest times Marshall has seen in a 21-year career investing in junk debt. Trading conditions have been frozen like never before, as an oil crash collides into the coronavirus crisis. Even would-be short-sellers are sidelined because of fear they won’t be able to exit positions down the road.