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This hedge fund manager calls junk bond investors "fools" who don't realize the risk they are taking, then recommends shorting junk bonds by "directly shorting via futures, buying puts on junk grade bonds or even junk bond ETFs," which I guess he considers a low-risk strategy. http://seekingalpha.com/article/2356765-the-worlds-most-crowded-trade?ifp=0
Recently, there have been a lot of articles about outflows from junk bonds but I don't see it in the price of HYG or Jnk - yes they off the recent highs.
I'm not going to make any comments on this board about junk bonds, but do think there are a handful of excellent writers on SA. It's like anything else when reading/browsing financial media - have a good filter.
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