High Yield's Fool's Yield Trap: Why 7.9% Returns Beat 13.9% Yields | Greg Obenshain (Verdad Capital) #06

In high yield, the highest nominal yield often produces the worst long-term result.Josef Pschorn speaks with Greg Obenshain, Partner at Verdad Capital, about why yield-chasing can damage portfolios and how a more quantitative credit framework can improve underwriting and portfolio construction.Key takeaways:The highest yields often come with the weakest outcomesSpread-chasing is not the same as good credit selectionFactor-based credit frameworks can improve resilienceDuration can behave like a form of known credit leverageFull analysis: ⁠https://fixedfloating.substack.com/p/why-79-returns-beat-139-yields-the⁠Connect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloatingDisclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.#QuantCredit #HighYield #FixedIncome #BondMarket #FactorInvesting #FoolsYield #CreditInvesting #VerdadCapital #GregObenshain #CreditPodcast #FixedFloating