Berko: Cat Bonds Risky, But Can Be Lucrative

Dear Mr. Berko: Could you please tell me what cat bonds are and how they’re different from other bonds? And could you tell me the name of the college that offers annuities yielding 10 percent? I’d like an answer without your usual abrasive sense of humor. — S.D., Fort Walton Beach, Fla. Dear S.D.: Catastrophe bonds, or cat bonds, are inherently risky investments.

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