Panic Buying

摘要

It is presumed that the market for the riskiest mortgage-backed securities has seized up. In fact some intrepid souls are using the current crisis as a buying opportunity. Andrew Feltus of Pioneer Investments is one of them.rn"The market has gone into a worst-case scenario for a lot of this debt, which is when it's worth taking a look," he says.rnFeltus is sticking his finds into Pioneer's Global High-Yield mutual fund (assets: $1.7 billion), where they make up 4% to 5% of holdings. Other mutual funds are following suit and selectively buying mortgage paper (see table, p. 50).