Gabelli's column

Equities are Having a Great Year and Convertibles Offer a Compelling Value Proposition


  1. Even with August declines, equities are having a great year, with the Nasdaq attaining its best first 8 months to start a year since 2003.
  2. The "Magnificent Seven" mega-cap tech stocks remain at the forefront of news, driving nearly 72% of the S&P 500's gains this year. Notably, Nvidia Corp. (NVDA), contributed approximately 14% of the S&P 500's returns for the year
  3. "We saw a mix of issuance that included companies that are new to convertibles, along with some that are returning to refinance existing debt. This mix of issuance is good for our market and it has generally been at attractive terms with higher coupons and lower premiums than many existing issues."