No. of Recommendations: 2
Prices have substantially appreciated over the last 6 weeks. When I look back compared to today’s prices, just about everything was cheap.

Howard, Good morning to you, too.

Yeah, current bond prices suck majorly. Some have doubled, or even tripled, in the past two month. This market is no longer cheap. I was shopping just now, and chart after chart says that the buying time is past. Now comes the waiting time until the next "blue light special" happens.

Thanks for making the effort to post your portfolio and results. There's some overlap in our positions, but not much. What I do find intriguing is that our result aren't that different, even though you are focusing exclusively on junk and I only carry only a one-third allocation.

Where I gained an advantage is that I began my shopping earlier in the year than you. Actually, I shop a couple times each week throughout the year, so the shopping never stops. Whether I buy anything is a different story. And that's an important lesson to would-be bond buyers. You've gotta do your buying when bonds are on sale, and then you've gotta sit on the sidelines when prices are too high. You still window shop, because you have to keep up with prices. But you don't buy what doesn't offer good, risk-adjusted value.

Buying bonds --invest-grade or spec-grade-- is no different than buying bell peppers or broccoli. To everything there is a season.

Charlie
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