Rebuscando encontré este comentario suyo:
"My belief if that US corporate high yield bonds are a unique part of the US bond market and should be included in a portfolio. This view has worked very well for our clients over the years. Larry has a different opinion about high yield, and we agree to disagree. That's what makes a market. "
En ese caso efectivamente no le veo mucho sentido, porque ademas es RF corporativa que como bien dices está muy correlacionada con la RV. Yo creo que en el fondo es complicarse mas con otro asset, en cualquier caso Ferri evidentemente es consciente de todo eso y no es su intención utilizarla como parte estable.
Y aqui una interesante discusion donde incluso participan Larry y Ferri en 2008 en plena crisis, parece ser que Larry piensa como nosotros xD
Post extraido de ese hilo:
I have never said that high yield spreads do not have some equity like characteristics. I have said that the correlation between equity returns and credit spreads varies considerably over any 12 to 36 month period. So, sometimes those characteristics matter, and sometimes they don't. In the past 12 months, they have mattered. In the next 12, they may not.
Larry claims that high yield returns can be reconstructed using only equity plus Treasuries. That statement by Larry is also completely false because you cannot reconstruct the return of high yield in any given year or three year period with only equity and Treasury. He is looking at a 25 year total return period to make that claim and that has no relevance in year over year returns. Since the correlations between credit spread and equity returns shift from highly correlated to no correlation from year to year. it is proof that there are unique risks in high yield not associated equities.
Also, I have also never said high yield bond returns will go up when the equity markets go down. However, that was Larry's primary argument for heavily pushing commodity funds, which turned out to be a complete disaster and will prove to be much more harmful to a portfolio in this recent equity downturn than the temporarily widening of credit spreads.
I will also say that people who have been waiting to get into high yield or are thinking about to rebalancing their fix income assets classes that includes high yield would be wise to do it now. IMO, it is one of the best time in decades to own high yield bonds. I am anticipating the total return from the Vanguard HY Corporate bond fund will be in the double digits for several years to come as you get paid 12% interest while you wait for credit spreads to narrow.