Hedge fund manager Boaz Weinstein starkly warns investors to avoid junk bonds
Saba Capital's Boaz Weinstein said the high yield debt market is overvalued. As a result, he is betting against the bonds of corporations. "Let's unpack high yield … the reward isn't there [given the risk]," Weinstein said at the Delivering Alpha Conference in New York on Tuesday. "Junk bonds are held by retail more than it ever was," he added.Weinstein is the founder and chief investment officer of Saba Capital Management, a $1.7 billion credit hedge fund based in New York City. Weinstein founded Saba in 2009 with a team that came from the Deutsche Bank proprietary credit trading group, which he started in 1998.His comments came from the Delivering Alpha conference in New York, which is being presented by CNBC and Institutional Investor.This is a breaking news story. Check back for updates. Saba Capital's Boaz Weinstein said the high yield debt market is overvalued. As a result, he is betting against the bonds of corporations. "Let's unpack high yield … the reward isn't there [given the risk]," Weinstein said at the Delivering Alpha Conference in New York on Tuesday. "Junk bonds are held by retail more than it ever was," he added. Weinstein is the founder and chief investment officer of Saba Capital Management, a $1.7 billion credit hedge fund based in New York City. Weinstein founded Saba in 2009 with a team that came from the Deutsche Bank proprietary credit trading group, which he started in 1998. His comments came from the Delivering Alpha conference in New York, which is being presented by CNBC and Institutional Investor. This is a breaking news story. Check back for updates.
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