Throughout its nearly 35 year history, the high yield market has often been viewed as a confusing or an alternative asset class.  However, the reality is that this is a large, developed and liquid asset class.  We have provided this “owner’s manual” for those investing in the high yield market, to shed some light on this often misunderstood market.  In it we detail the history and development of the space, discuss the legislation and ratings methodologies that have created what we see as opportunities in the marketplace, and compare historical risk adjusted returns with other asset classes.  Additionally, we describe our own investment philosophy and approach to the high yield market.  We believe that the benefits from investing in the high yield market are undeniable, especially for active managers who are able to capitalize on the ample opportunities for value this asset class offers investors today.  Click here to view our updated piece, “The New Case for High Yield: A Guide to Understanding and Investing in the High Yield Market.”