y****i
发帖数: 778 | 1 【 以下文字转载自 Bond 俱乐部 】
发信人: stanleyli (Stanley), 信区: Bond
标 题: 买bond或者bond ETF会有需要用钱的时候卖不掉的风险么？
发信站: BBS 未名空间站 (Sat Mar 2 18:07:42 2013, 美东)
我看很多bond尤其是bond ETF，流动性都很小。不知道会不会出现有需要用钱的时候卖
不掉或者只能低价卖掉的问题？ | y****i
发帖数: 778 | 2 Yes, you are talking about liquidity risk which is very important for bond.
General speaking, corporate bond is better than municipal bond for liquidity
because you can sell it online like stock. I just sold the Dell 2019 bond
at 104$ to pay property and income tax (cost is about 101$ after average).
For municipal bond, you have to call Fidelity to get the bid quote and
decide which bond to sell. I sold 49224PBH3 for $111 at 2/26, the bid quote
was even higher than 3rd party price $109.723. Of course, if you really need
a lot of money, you have to sell it even the bid quote is much lower than
3rd party price. However, I think it is still better than real estate which
you have to sell it as a whole unit and pay agent 6% commission. So
diversify your portfolio with different individual bond and sell the one
with capital gain or the bid quote is higher or closest to 3rd party price
when you need the money. I have more than 30 individual bonds in my
portfolio and can sell each lot from $5000 to $30000. At Oct to Nov 2010, I
sold $150k individual bonds for my first home downpay within two weeks. For
bond ETF, buy the large one with frequent tradings and smaller spreading. It
's really dependent on your purchase price. You can take advantage of
municipal bond liquidity problem and buy some good yield bonds in this low
yield market when the ask price is significantly lower than 3rd party price
but not due to downgrade. If you have enough room for profit, selling it
with large spreading is ok because you still have capital gains. |
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