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Loss of market makers may lead to buy-and-hold strategies

from Pensions & Investments

Corporate fixed-income investing is becoming a buy-and-hold market, as the reduction of traditional market makers and the resulting loss in inventory make active trading strategies more risky. “The long term favors fundamentally biased fixed-income investors over those with very active trading strategies,” said Michael C. Buchanan, deputy chief investment officer, Western Asset Management Co., Pasadena, Californai. “It's getting the right price and owning the investment, not trading it. more

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