Friday, 27 November 2015
Last updated 1 hour ago
May 4 2011 | 10:26am ET
Subprime mortgage-backed securities, which helped bring the world’s financial system to its knees in 2008, may be ready for a comeback.
Josh Friedman, co-founder of the Los Angeles-based hedge fund Canyon Partners, told a Beverly Hills audience Tuesday that the securities offer potentially high returns and there’s little competition for them.
According to Reuters, Friedman, while participating in a panel discussion at the 2011 Milken Institute Global Conference, said "There are hundreds and hundreds of players in the market searching for yield. The nice thing, structurally, about this market is there haven't been natural inflows into the market. It's nothing but sellers,” said Freedom.
Canyon owns about $4.5 billion worth of subprime mortgage-backed securities which trade around 40 cents on the dollar. Friedman estimated the market for them at $1 trillion. But Friedman warned that investors should research the securities before making any purchases.
"There's a wealth of information in each of these securitizations," he said.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…