Home>Marriott International, Inc. MAR Q4 2011 Earnings Call Transcript
Marriott International, Inc. MAR Q4 2011 Earnings Call Transcript
Earnings Call Transcripts by Morningstar Inc.
Thu, 16 Feb 2012
Good morning. My name is Maria and I will be your conference operator today. At this time I would like to welcome everyone to the Marriott International Fourth Quarter Conference Call. All lines have been placed on mute to prevent any background noise.
Morningstar associate director of fund analysis Miriam Sjoblom explains what drove municipal bonds' great performance in 2011 and what issues may lie ahead for muni investors.
With yield spreads back to pre-crisis levels, there is less room for error in the high-yield market today, says Morningstar director of fixed-income research Eric Jacobson.
While duration exposure remains troublesome, large-scale bank deleveraging in the last year has credit markets looking ripe for investment, says Driehaus' K.C. Nelson.