Low Default Rate on High-Yield Is Deceiving, Says Martin Fridson
The veteran credit analyst sees parallels between today’s market and that of the early 1980s, when he first made a name for himself in high-yield-debt research.
Dan Weil
July 22, 2014
A trader at the New York Stock Exchange (NYSE) watches Janet Yellen, chair of the U.S. Federal Reserve, speak during a news conference following a Federal Open Market Committee (FOMC) meeting, in New York, U.S., on Wednesday, March 19, 2014. U.S. stocks fell as the Federal Reserve reduced its monthly bond buying and more officials predicted their target interest rate would rise by the end of next year. Photographer: Jin Lee/Bloomberg
Jin Lee/Bloomberg
