ALE Notes 2

As outlined in ALE Notes 2: Another round at the bar of 28 Jun 12 (Buy for Yield – $100.50), this income security will most likely be redeemed for cash in 2014 but could last until 2016 at the latest. Such shorter-term securities are extremely sensitive to changes in price—a small increase in price paid leads to a large fall in expected yield to maturity. The stock is up 1.5% since that initial review, less than half of which is justified by the increase in accrued interest (a topic outlined in detail in this Q&A response). The effect of...

As outlined in ALE Notes 2: Another round at the bar of 28 Jun 12 (Buy for Yield – $100.50), this income security will most likely be redeemed for cash in 2014 but could last until 2016 at the latest. Such shorter-term securities are extremely sensitive to changes in price—a small increase in price paid leads to a large fall in expected yield to maturity. The stock is up 1.5% since that initial review, less than half of which is justified by the increase in accrued interest (a topic outlined in detail in this Q&A response).

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