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How Convertibles Can Help Drive Your Portfolio

Most people want their money to generate some blend of (1) capital preservation, (2) current income, and (3) appreciation potential.

When you think about it, very few individual investments offer all three. Stocks can give you appreciation and dividend income. Some are safer than others—at Cutler we like community banks because we buy them at small premiums to their tangible equity value. But no stock can structurally offer capital preservation.