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Business Cycles in an Capital Market and Macroeconomic Framework

November 5, 2021November 2, 2021 by CFA Study Guide
CFA Economics

Business cycles are fluctuations in economic activity that follow a wave like pattern. While generally simplified into a single wave, …

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Applied Duration Concepts Review

November 4, 2021November 1, 2021 by CFA Study Guide
CFA Fixed Income

Duration is the sensitivity of the price of a bond or portfolio to a change in interest rates. Unlike time …

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Structured Financial Investments

July 24, 2020 by CFA Study Guide
CFA Fixed Income

Structured finance represents an alternative to corporate bonds in the credit portfolio. They offer some combination of: Higher yield and …

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International Credit Portfolios

July 24, 2020 by CFA Study Guide
CFA Fixed Income

Investing in multiple markets and currencies offers opportunity and risks. But even investors who restrict holdings to one country should …

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Credit Strategy Approaches

November 11, 2021July 24, 2020 by CFA Study Guide
CFA Fixed Income

Credit strategies normally establish return and risk parameters. A credit strategy is typically designed to achieve a constrained objective. VOCAB: …

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Credit Spread Measures

July 24, 2020 by CFA Study Guide
CFA Fixed Income

A simple way to calculate a credit spread is to subtract the yield on a security with little or no …

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Investment Grade and High Yield Bond Portfolios

July 24, 2020 by CFA Study Guide
CFA Fixed Income

A credit portfolio consists primarily of securities for which credit risk is an important consideration. The credit market is the …

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Butterfly and Condor Trades

July 24, 2020 by CFA Study Guide
CFA Fixed Income

Butterfly trades are a leveraged way to capture value when curvature changes. They involve taking a long and offsetting short position …

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Adjusting Convexity

July 24, 2020 by CFA Study Guide
CFA Fixed Income

It is beneficial to have greater convexity when large changes in rates are expected. The convexity will magnify value gain …

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Strategies for Changes in Market Level, Slope, or Curvature

July 24, 2020 by CFA Study Guide
CFA Fixed Income

Investors often hold individualized expectations about the yield curve that they generate from economic analysis, data mining exercises, following monetary …

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