一直在 5.6 5.7 level 買 JPM 一年的 callable 当 六个月投资來看
Flexibility is more important to me.
Farm Credit Bank 6% 09/22/2028, bought 9/22/2023, called 12/22/2023.
缺点是锁不住期限，优点是阿Q一把，赎回前挣6%利息率
税后就没多少了！
Callable 是单向风险，利率下降就被赎回，利率上升就被套牢。买Callable最好情况是利率不升不降，多赚些 Call option time decay。
利率比较高的时候可以考虑锁住比较长期的Treasury。5年以上就有点赌的意思了
JPM's all are 6 months.
Dimon is very smart - it keeps putting out callable about 0.2-3% higher than noncallable, all 1 year with first callable date at 7th month, each month, par call.
5.6 and 5.7 were Very much in demand at that time.
一直在 5.6 5.7 level 買 JPM 一年的 callable 当 六个月投资來看
Flexibility is more important to me.
Farm Credit Bank 6% 09/22/2028, bought 9/22/2023, called 12/22/2023.
缺点是锁不住期限，优点是阿Q一把，赎回前挣6%利息率
税后就没多少了！
Callable 是单向风险，利率下降就被赎回，利率上升就被套牢。买Callable最好情况是利率不升不降，多赚些 Call option time decay。
利率比较高的时候可以考虑锁住比较长期的Treasury。5年以上就有点赌的意思了
JPM's all are 6 months.
Dimon is very smart - it keeps putting out callable about 0.2-3% higher than noncallable, all 1 year with first callable date at 7th month, each month, par call.
5.6 and 5.7 were Very much in demand at that time.