Persuaded that junk could be lucrative, she opened a Junk Market store near Minneapolis and sold castoffs.
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The bearish fund, fighting a bull market for junk, is off 4% so far this year.
Soon thereafter the junk market collapsed as Mike Milken shuffled off to a correctional institution in California.
Ironically for a conference bearing the name of the father of junk-bond market, the Milken jamboree was overflowing with financiers expressing concern about cheap debt.
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Of course, junk bonds have a tendency to follow the direction of the stock market and to reflect the risk-appetite in the overall economy.
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Mr Lee helped create an Asian junk-bond market from scratch, and Peregrine built a reputation for its skill at raising cash for fast-growing companies.
GM--its market share dropping like a heavy molecule, its bonds near junk, its vehicles piling up in dealer lots-is making its single biggest research bet on developing a hydrogen-powered car.
To illustrate that it is baseless, he points to what he considers another great firm unfairly maligned by its critics as arrogant: Drexel Burnham Lambert, a freewheeling investment bank that shot from nowhere to market prominence in the junk-bond boom of the 1980s.
If KMV's model works and if you think the market correction has nearly run its course, junk bonds are a buy now.
If KMV's model works and the market correction has nearly run its course, junk bonds are now a buy.
Of course, junk bonds come by their name honestly, and the high yield market still harbors a large amount of risk.
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