Over many years, as an aside to teaching about convertibles as a product, I’ve had to explain the basis for accounting for them. The accounting has always seemed pretty harmless to me until I recently made a case study out of the online luxury fashion retail platform, Far Fetch (LON:OK60)(NYSE:FTCH).
LDI nuts and bolts It’s hard to have escaped all the recent noise in the media about the UK’s mini budget (ironically with not-so-mini consequences!) and the repercussions through financial markets. And one of those headline consequences was pension funds being plunged into liquidity crunches due totheir LDI strategies. Again, ironically, the funds hit