Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Conclusion: "Investors in high-yield bonds are likely to be poorly compensated for risk in the years ahead. For that to change, high-yield bond markets will have to become a lot scarier than they have been in recent weeks."
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driehauscapitalmanagement.com/pdf/funds/summaries/Driehaus-LCMAX-Summary-1017.pdf