Marty Fridson highlights that the private debt boom, central bank support, and high Treasury yields are keeping junk bond spreads unnaturally tight. Despite this, the risk of losing money in corporate debt remains, making the market susceptible to significant repricing during an economic downturn.
Marty Fridson, a renowned expert in junk bonds, cautions that investors pursuing high yields in US corporate debt are overpaying for risk. He notes that these investors are not receiving adequate compensation for the risks involved, leading to inferior risk-adjusted returns.
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