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Now is probably not the time to buy bonds in general, but IMO, distressed debt can still bring appreciation opportunities. - StuyvesantGrad70

True enough. But buying "distressed debt" puts the bond investor right smack dab in the same "risk" category as an equities investor buying a beaten-down stock. OK, OK, if the company goes belly-up the stockholder loses everything and the bondholder takes a haircut. I recognize the difference, but we're talking about degrees of loss versus profiting.

I'd rather focus on profiting. And I remember the lessons of MF Global.
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