Martin Fridson



If the diagnosis by the so-called experts is to be believed, 2004’s deterioration in high-yield new-issue quality is a symptom of a widespread malady otherwise known as serial amnesia. “Portfolio managers have forgotten how bad things were in 2002,” the pundits tell us. “They are buying extremely risky bonds on the assumption that credit conditions will remain favourable forever.”

Assuming that the gurus’ diagnosis is accurate, investor amnesia must have been particularly acute

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