"IN THE NEVER-ENDING STRUGGLE BETWEEN GREED and fear, greed has had the upper hand lately.
The market for risky high-yield, or junk, bonds has gone from ridiculously cheap to just cheap with remarkable speed. The Merrill Lynch U.S. High Yield Master II index has narrowed from a wide yield margin of 2,100-plus basis points over Treasuries with comparable maturities in February to 1,232 basis points through Thursday. Back in June 2007, the yield margin was a mere 241 basis points."
My Comments: I missed the fast furious equity rally, but certainly rode this one!
U.S. High-Yield Cheap Versus U.S. Equities
