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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In today’s “two-for-the-price-of-one” recommendation, we pair one of the best distressed debt vehicles available, with a company that offers an inflation hedge through its exposure to higher commodity prices.
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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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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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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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