“Follow effective action with quiet reflection. From the quiet reflection will come even more effective action.” Peter Drucker (1909 – 2005)

While we have been in the high yield business for decades, the Hotchkis & Wiley High Yield strategy officially launched in the second quarter of 2009 and has been up and running for a little over five years now. Throughout this time, we have circulated quarterly newsletters with wide-ranging topics that we believed to be relevant and timely. We hope our clients have found our newsletters informative and helpful.

We thought it would be a valuable exercise to reflect on the last five years, and provide our clients with an opportunity to revisit any of the previous topics they may have missed the first time around. The Table of Contents highlights previous newsletters in sequential order, beginning with the most recent.

We learned much about the high yield market in the last five years and expect to learn even more over the next five years. The accumulation of experiences and the continuous expansion of one’s knowledge base is one of the most interesting facets of investing—the process is continuous because markets are dynamic and complacency can be disastrous. Investing is a very humbling business and there is no substitute for knowledge and experience.

As we continue to harvest our experiences, we will continue to share them with our partners. Here’s to the next five years . . .

Hotchkis & Wiley High Yield Research

TONS MORE HERE check it out HOTCHKIS & WILEY HIGH YIELD Five Years: A Reflection A Collection of Past Newsletters