Defaults Triple – But Market Thinks They Won’t Stay This High.

Most investors believe the Fed is done or nearly done with its inflation-fighting interest rate hikes – and so far, no recession is in sight. That means perceived risk will remain subdued in the high yield bond sector… for now.
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Coming Soon to a Neighborhood Near You: A Chemical Mushroom Cloud

Norfolk Southern is the latest poster child for the pitfalls of financial engineering. Years of reckless cost cutting and debt-fueled buybacks, at the expense of infrastructure upgrades, have caused an ecological disaster.
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A Flood of Funds Are “Gating” Their Money – Here’s What It Means

Investors Suddenly Denied Access to Their Own Funds… The day after Slava was sent to the funny farm, his wife marched into our skyscraper office in downtown Moscow – and pulled an Al Haig. Al Haig was Secretary of State when U.S. President Ronald Reagan was felled by an assassin’s bullet on March 30, 1981.
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Better Than Buffett, Plus A 16% Dividend

We’re calling the coming market carnage in corporate bonds The Greatest Legal Transfer of Wealth in History. The explosive growth, and deteriorating quality, of the “investment grade” bond universe will play a major role in the coming corporate debt crisis.
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