George C. Chacko discusses recognizing liquidity risk as a substantial part of the total risk of holding corporate bonds, breaking down the corporate bond spread above Treasuries (or swaps) into default risk and liquidity risk, and how to produce better credit analysis and gaining a better understanding of the sources of alpha in investment strategies by identifying liquidity spread.  Please note that text may be difficult to read in this recording. The presentation slides are available for download in the video player.