Welcome
Hybrids
Agenda
Why Buy Hybrids?
Where Do Hybrids Fit?
What Is It?
The Return Equasion
The Hybrid Sector
Inefficiencies
Inefficiencies - All Over The Place
Inefficiencies - Consequence
Correlation
How You Get A Free Lunch
Correlation - The Only Free Lunch
What You Have To Deal With For 9%
Risk Table
Default Risk
Misunderstood
Default Risk Breakdown
Event Risk
Event Risk - Overreaction
Liquidity Risk
Liquidity Risk - The Sleeper
Why Use A Fund Manager
Not All Managers Are Appropriate
Conclusions
Thank You
