Seminar: Fixed Income & Preferred Shares

I just want to remind everyone about the seminar on Thursday October 15 in downtown Toronto at 6pm. This one is free, although I haven’t decided yet – decisions, decisions! – whether or not to charge for the video of the event.

In my paper Preferred Shares and GICs I introduced the concept that any fixed-income investment portfolio is a compromise between:

  • Security of Principal, and
  • Security of Income

Many investors emphasize the first attribute while ignoring the second to their ultimate discomfort.

Other commonly made errors are:

  • Paying too much for liquidity
  • Insufficient diversification
  • Overemphasis on current income
  • Insufficient attention to issuer options
  • Attempting to address all risks with one particular investment
  • Underemphasis on tax effects

In this seminar, I explain that "risk" cannot be thought of as a position on a number line: there are many different kinds of risk and portfolios must be constructed to account for all of them – no single investment can do it. I also explain how preferred shares can fit into a fixed income portfolio, bringing their own strengths to offset the weaknesses of other fixed-income investments.

There is no charge for attendance at this seminar; there will be opportunity after the session to discuss the material informally.

Note that the room at Day’s has changed: it will be the College Room, not the Rosedale Room

Location: Days Hotel & Conference Center, (at Carlton & College, downtown Toronto) Rosedale College Room (see map).

Time: October 15, 2009, 6pm-9pm.

The seminar will be filmed for later distribution.

Advance registration may be performed on-line.

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