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Convertible bond trade example



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A friend commented to be about a trade he did earlier last year::::
He was long the Boston Chicken Convertible Bond (don't remember the conversion
factor) and short an equivalent amount of stock that the bond allowed him to
convert into.  He collected the bond yield while the stock dropped...because
he was confident that the stock was overvaled at the time based on ta and fa,
he managed to make a healthy return for himself.  His reasoning continued that
if he was wrong and the stock moved against him, the bond allowed him to
convert to cover the short.....
Obviously, this trade worked out well, but my interest lies in what the
relative amount of risk is carrying this position.....
Comments please.....
Chris