"This is a good time to consider convertible bonds," adds Whaley. Companies will have a tough time growing their top line, yet many are in excellent financial shape. Slow growth and low inflation is a good environment for bonds. At the same time, convertible bonds typically do well coming out of recessions. As the recovery takes hold, stocks-and convertible bonds-should move up. "If that doesn't happen, you clip your coupon," says Whaley. "It's a great trade-off."

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