September 14, 2010
Kurt Fritz
Callable step-ups. Callable step-ups. Callable step-ups. They just keep on coming. It’s like a bad dream that I can’t forget. In fact, this will be my fourth article dedicated to one of my least favorite sectors—the callable step-up. I wrote the first article on this poor risk/reward in 1998 and revisited it in 2003. Then in May of 2009 I wrote an article entitled, “The Return of a Poor Risk/Reward,” which highlighted the shortcomings of callable step-ups. I’m going to pile on again today.