'Today closes my thirty-year career on the ‘sell side’ of Wall Street', he wrote in a note to clients that was obtained by Bloomberg News. 'Serendipitously as I become an empty nester, I am moving to the ‘buy side’ where I can more directly implement my ideas for broad-minded investors'.
Convexity is a measure of the change in duration of a bond, or its sensitivity to interest-rate fluctuations, as market yields rise or fall. The concept carries importance in the valuation of interest-rate options and mortgage-backed securities.
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