Chris,It's not just Charlie that favors lower-credit issues. This week's "Barrons" featured the Monrads (of Northest Investors Trust, a junk bond fund) and the Oct 21 issue of "Business Week" did a one-pager on Martin Fridson (junk strategist for Merrill Lynch and author of Financial Statement Analysis: a Practioner's Guide) who thinks current market conditions -- a washout of the weaker issuers-- favors the sector going forward.Caveat to anyone tempted to follow their lead: All of those guys are very experienced bond investors and very heavy-duty number crunchers. If you suspect you can't match their skills, you are probably right and have no business buying less than investment-grade bonds on an individual basis.Charlie
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