Day 1

Today I arrived at Mr. Dorflinger's house at nine a.m. Right when I arrived I was given a binder full of the material I will be studying this week. After we discussed in more detail the week to come Mr. Dorflinger walked me through a normal day for him. First he showed and explained to me the computer program he uses to  track and decipher all securities trading on every market. After a brief overview, Mr. Dorflinger demonstrated to me how he selects a potential security he wants to buy or trade, and then what aspects of the security he looks at to make his decision. A couple of the points we discussed were how the security has traded over the last six months as well as the net asset value of the security today. After a walkthrough of the program and the explanation of how to decide whether to invest or not in a high yield security, I began to read the material I was given. I started with the debt section, and after a large overview of the different types and ways debt can be traded it was time for lunch. After lunch I moved into the next section of debt which was corporate debt. I learned about all the different types of bonds that are classified as corporate debt. Some examples of corporate debt are adjustment bonds, convertible bonds, and commercial paper. It was 3:00 when I finished the corporate debt section, a perfect stopping point for the day.