According to Pericles and Thucydides, "Courage is when you sacrifice your own wellbeing for the sake of the survival of a layer higher than yours.' As we can see it fits into our table of preserving the sustainability of the system. A foolish gambler is not committing an act of courage, especially if he is … Continue reading The Logic of Risk Taking
Negative Default Rate on Euro High-Yield Bonds?
Probability of default in Euro junk bond is now in the ranging of [-0.02, 0.01]. Yep, apparently accordingly to the bond calculation, you can go negative on default rate (basically implies junk debt will never ever and ever default and more, whatever "more" means in this scenario). There's probably a reason why they are called … Continue reading Negative Default Rate on Euro High-Yield Bonds?
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