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Looking For Funding In All The Wrong Places
Porter's Journal Issue #66, Volume #2
Porter Stansberry
June 09, 2025
A Bond Is Only As Good As The Business That Underlies It
This is Porter’s Daily Journal, a free e-letter from Porter & Co. that provides unfiltered insights on markets, the economy, and life to help readers become better investors. It includes weekday editions and two weekend editions… and is free to all subscribers.
High-yield telecom bonds produced negative-67% in 2002… Bond issuers need strong cash flow to support interest payments… “The biggest and fastest rise and fall in business history”… Selling puts can be an effective income-generating strategy… Look how magnificent the Magnificent 7 is… |
Table of Contents
Today, Porter turns the Journal over to Distressed Investing senior analyst Marty Fridson.
Marty has a long background in trading, investing, and finance… Investor’s Digest called him “the most well-known figure in the high-yield world.” Over a 25-year span with Wall Street firms including Salomon Brothers, Morgan Stanley, and Merrill Lynch, he became known for his innovative work in credit analysis and investment strategy.
In today’s Journal, Marty talks about understanding the real degree of risk in bonds and other investments.
Here’s Marty…
Sometimes the risk you need to worry about has to do with things much more basic than a ratio derived from a company’s financial statements or a zig-zaggy pattern on a technical chart.
Here’s a cautionary tale on that theme.