Jack,Thanks for the link. Below is what I consider the key quote in the article and I took the liberty to bold the part which I consider the most relevant. “Now is the time to be more careful and cautious,” said Lon Erickson, a co-portfolio manager at Thornburg Investment Management. “This is the time you can really get hurt.”As a confirmed junk bondaholic (addicted to double-digits yields), I can tell you that, what is left now is the really risky stuff (mostly horrendous balance sheets). I can only dream about the values we were buying in 2009 (at double the yield and much better financials).I tell myself, I gotta stop buying this garbage and I should just wait for the next recession to accumulate more, but those 1% money market rates are causing me to take extraordinary risks. Oh well... I guess I’m just an obedient American, doing what the FED wants me to do.Howard
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