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From Tweedy Browne Company, LLC An Examination of Empirical Data Associating Investment in High Dividend Yield Securities with Attractive Returns Over Long Measurement Periods.
Thanks bee, junk bonds are the most underappreciated asset class on the planet. There's never much drama with them (volatility) as they trend so pure and persistently, be it up or down. Vanguard's junk bond fund, although a laggard I would never recommend, is one of the oldest. Since its inception 35 years ago it has had a mere 4 down years with two of those being under 2%. I guess "junk" scares most investors away from these wealth creating funds.
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