2005 A look ahead

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It might have been tough to generate alpha in 2004 but the fact remains that people would have made some money regardless of what they invested in during the year – or at least they wouldn’t have lost money. Despite numerous predictions to the contrary, the spread compression juggernaut has continued in the high-yield market while investment grade has retained the tightening of 2003, coming in slightly over the year.

To ponder the likely performance of credit this year it is important to understa

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