Asks about parallels between Venezuela crisis and current Middle East situation for emerging markets high yield bond ETF.
Katie Greifeld
James Craig
Middle East conflict produces winners and losers; Latin America and Africa are effective winners from higher oil prices.
James Craig
Cannot invest in Iran directly as U.S. investors; need more clarity on endgame.
Notes Bahrain position (2%) added recently; asks why bought and expectations.
Eric Balchunas
James Craig
Added Bahrain after spread widening due to regional tensions; expects to add more over next several days.
Asks about investing in sanctioned countries like Iran if it democratizes.
Eric Balchunas
James Craig
Would look at Iranian debt from restructuring value perspective; enormous potential further down the road.
Asks at what point would step back from Middle East if broader regional disruption occurs.
Katie Greifeld
James Craig
Went into conflict underweight Middle East; now looking at repricing and factoring potential upside.
Notes Venezuela bonds up 46% YTD; asks when to sell and plan for South America.
Eric Balchunas
James Craig
Happy to stay overweight Venezuela; sees significant positive changes likely to continue.
James Craig
Don't see environment where restructuring value will be lower than now; think it will be much higher.