{"id":3126,"date":"2008-09-24T00:55:36","date_gmt":"2008-09-24T04:55:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=3126"},"modified":"2008-09-24T00:55:36","modified_gmt":"2008-09-24T04:55:36","slug":"research-the-swoon-in-june","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=3126","title":{"rendered":"Research: The Swoon in June"},"content":{"rendered":"<p>The preferred share market did very poorly in June 2008 &#8211; not just in terms of return, but, what&#8217;s worse, in terms of theory! Look for the Research Link!<\/p>\n<div align=\"center\"><a href=\"http:\/\/www.himivest.com\/media\/moneysaver_0809.pdf\"><img decoding=\"async\" src=\"http:\/\/www.prefblog.com\/images\/ad_SwoonJune.jpg\"><\/a><\/div>\n<p>Bonus! Several paragraphs needed to be hastily revised (and the charts renumbered!) to meet space restrictions:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.himivest.com\/media\/moneysaver_0809_bonus.pdf\">Original paragraphs<\/a>\n<li><a href=\"http:\/\/www.himivest.com\/media\/downDraftCharts.xls\">Original Charts and data<\/a> (4MB Excel Spreadsheet)<\/ul>\n<p><b>Update<\/b>: The article states:<\/p>\n<blockquote><p>A certain amount of algebra starting from Equation (3) of the article <a href=\"http:\/\/www.prefblog.com\/?p=864\">\u201cModified Duration\u201d in CMS, May 2007<\/a> leads to the conclusion that the Macaulay Duration of a perpetual annuity with a yield per period of \u201cr\u201d is (1+r)\/r. Therefore, from Equation (2) of that article, the Modified Duration (which measures the sensitivity of price to yield changes) is simply 1\/r.<\/p><\/blockquote>\n<p>The algebra is linked in the post <a href=\"http:\/\/www.prefblog.com\/?p=2582\">PerpetualDiscount Duration Calculation<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The preferred share market did very poorly in June 2008 &#8211; not just in terms of return, but, what&#8217;s worse, in terms of theory! Look for the Research Link! Bonus! Several paragraphs needed to be &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-3126","post","type-post","status-publish","format-standard","hentry","category-publications"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3126"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3126\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}