Martin Fridson



In Corporate Finance 101 we learned that business enterprises raise long-term capital to finance long-lived assets. Therefore, as long as companies continue to build factories and buy machinery, investors can count on a growing supply of corporate bonds for their portfolios. Because the suppliers of capital and the providers of capital depend on each other, they come to the negotiating table with roughly equivalent power as they proceed to hammer out terms.

Recent experience in the high-yield

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