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Hymas Investment Management is pleased to present seminars for active or potential preferred share investors who wish to understand the theory behind preferred share valuation and its application to contemporary markets.

These seminars will introduce concepts and - for those wanting to take the plunge - references to the underlying mathematics of preferred share investment as applied to the topic of the seminar. It is the concepts, rather than the mathematics, that are of prime importance and no mathematical background is necessary.

All seminars will be presented by James Hymas, who has written extensively on the subject of preferred share investment and has been referred to as a "top expert" on the subject.

Questions are encouraged throughout the seminars, as well as in informal discussion at the end of the session.

Each seminar is two hours in length; coffee and tea will be served.

The seminars will be filmed for later distribution.

Advance registration may be performed on-line.

Thursday, October 15, 2009

Fixed Income & Preferred Shares

Fixed-Income investing is a widely misunderstood topic and many investors take excessive risks with their fixed income portfolio while blithely assuming that they are taking no risks at all.

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.

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

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

Prior Seminars are available on video!
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