We have said on many occasions that there are plenty of good bonds but bad prices.  That is especially evident in today’s environment, where we are seeing a sizable portion of the market trading at prices well above the bond … Continue reading →

If there was any question about it, the financial crisis of 2008 demonstrated to us all just how flawed the rating process is.  However, in the aftermath, it has also become clear that changing that ratings process is exceedingly difficult, … Continue reading →

Investing in the leveraged loan market has been a popular strategy so far this year.  YTD, inflows into loans have totaled $23billion, well above the prior FULL YEAR record of $17.9billion seen in 2010.1  This spike has been driven by … Continue reading →

I had an opportunity to discuss the state of the high yield bond market yesterday with Joe Light, of the Wall Street Journal, and Brian Kinney, global head of fixed income beta solutions for State Street Global Advisors.  We will … Continue reading →

Much of the chatter this week has been about the S&P 500 hitting all-time highs (despite the fact that the economic data of late has been pretty weak and earnings coming in are showing softness from a revenues standpoint—but we’ll … Continue reading →

For those of you who’ve read much of our readings or listened to our investor calls, you have mostly likely heard us say before that our performance is as much from what we don’t buy as what we do buy.  … Continue reading →

There has been a good amount of coverage over the past couple weeks of the fact that the high yield indexes have reached record low levels on a pure yield basis.  So, this naturally leads to the question, is there … Continue reading →

It seems that so often the financial media characterizes the two largest high yield ETFs as “the market,” but the reality is that these large ETFs only represent a small piece of the actual high yield market in terms of … Continue reading →

We have just posted the latest version of our whitepaper, “The New Case for High Yield: A Guide to Understanding and Investing in the High Yield Market,” with data updated through year-end 2012: Throughout its 30+ year history, the high … Continue reading →

Disappointing economic releases throughout the week, capped by Friday’s big miss in non-farm payroll number, caused equity markets to trade lower and Treasury markets to rally sharply as investors lost confidence in the economic recovery. The 10-year note ended the … Continue reading →