He used to make runs at companies via junk bonds and other tools of leverage.
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So junk bonds had a terrible year in 1990 and a sensational year in 1991.
Taking a short position in junk bonds is a challenge for the retail investor.
One thing that is certainly a myth is that junk bonds were your only business.
GSE-backed securities above the levels where even junk bonds were trading before the crisis.
If you believe that the march of dollars into stocks, junk bonds, the euro, etc.
Over the past year, both investment-grade and junk bonds have had their strongest rallies in history.
Other sectors like Agency MREITs and junk bonds have gotten cheaper too, in recent months.
Money has been flowing at a dramatic pace into high-yield junk bonds, commodities, and gold.
So which of these shares would we sell junk bonds and REITs to buy?
Yield spreads have widened again to over 500 basis points, comparable with junk bonds.
Stop buying assets that throw off taxable income, like junk bonds and shares of Verizon.
Emerging markets and the MSCI World Index trail and junk bonds show just 1 percent.
Yield spreads of junk bonds over Treasuries have narrowed a touch, though they remain wide.
The consensus view is that junk bonds are likely to return 6% to 8% in 2013.
There is no sign that investors have any appetite yet for telecoms junk bonds, say.
But as Treasuries sink like stones, junk bonds yields have crept higher, serving up equity-like returns.
Falling interest rates have helped to create new markets in high-yielding debt, such as junk bonds.
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My belly button signals stocks and junk bonds are where to be this year.
This leads to the conclusion that retail bond investors are causing a bubble in junk bonds.
The Pimco High Income Fund is a closed-end collection of junk bonds, bought on margin.
By 1973 there were more than 200 firms making market in what was later called junk bonds.
So people who say our business was leveraging with junk bonds don't understand what we were doing.
And that leaves investors holding junk bonds for which they are not being compensated in higher interest.
The ugly junk bonds of old have now become the more palatable high yield bonds of today.
Why were junk bonds the answer to a money manager's prayers in the late 1970s and early 1980s?
Because of this effect, you can buy into portfolio of junk bonds at discounts of 20.0% or more.
Three years ago it was junk bonds, bankruptcy paper and major market sectors like technology, retailing and finance.
The same goes for master limited partnerships in energy that the market considers the equivalent of junk bonds.
The right ones: automatic withdrawal plans, high-coupon Treasurys, high yielding stocks, junk bonds, annuities and master limited partnerships.
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