Disclosure: The author is co-manager of the Fallen Angels Value Fund (FAVLX) which as of writing, owns Citigroup.

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But there is little comfort we can give to the families of the fallen angels who make their final trip home to Dover Air Force Base in my home state of Delaware.

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Now Newtown will need to muster the courage to rebuild, to keep raising the siblings of fallen angels, to face another day without a beloved child.

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Over the three five-year periods for which total returns are available, the gap between fallen angels and original issues steadily shrank from 1.59 to 0.64 to 0.35 percentage points.

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The vignette that unfolded was one of fallen angels and femme fatales.

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The player just laid there, arms and legs outstretched, as if he had fallen asleep in the midst of making snow angels.

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That mixture of fallen angels and original issues just matched the return on three-month Treasuries, at 1.28%, resulting in a 0.00 Sharpe Ratio.

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And the exact number is important -- 4, 475 fallen angels.

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Currently, several companies in the semiconductor space are showing up on our screens as potential Fallen Angels.

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Fallen angels still beat original issues during 2002-2011, but the differential (0.50 percentage points) was much smaller than in 1997-2006 (1.11 percentage points).

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On the face of it, these findings imply that high yield bond funds should concentrate their holdings in fallen angels.

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