FGL’s RadioShack Losses A Manifestation Of ‘Reach For Yield’
Earlier this month Fidelity & Guaranty Life announced its first quarterly loss in its brief life as an independent company (its IPO was in late December 2013), thanks to an $81 million gross write off on investments in bankrupt electronics retailer RadioShack. The latest issue of Grant’s Interest Rate Observer argues that this isn’t just a bad investment by one company.
“Bull markets end at extremes of valuation. In the case of bond bull markets (again, bearing in mind the limited sample size), ending points . . .
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