The possibility of chapter 11 is is an excellent reason to avoid junk without broad diversification, the kind of diversification most people can only get with mutual funds IMHO. If you are like me and use bonds for the fixed income the risk is just too great A lot of people prefer to hold bonds directly and that certainly makes sense for treasuries, probably makes sense for investment grade, and probably makes no sense at all for junk.OTOH there are a number of junk funds out there with low expense ratios and an excellent record of steady yields, even in bad times. Vanguard High Yield Corporate is one.
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