As we close out the first quarter of 2016, investors reading the tea leaves should be concerned.  The price collapse in almost all commodities and the recent severe indigestion in US credit markets reject the notion that the global economy …

The entire U.S. fixed income market (municipals, Treasuries, mortgages, corporates, federal agency bonds, money market, and asset back securities) totals $39.6 trillion.1 Corporate credit is about $8.2 trillion of this pie. The high yield bond market is a growing piece …

Much has been made about the outlook for defaults in the high yield market. Many have speculated that we are at the beginning of a big upturn in that default cycle and thus, this market should be avoided. While this …

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 …

As an active manager, one of the core tenets of our investment philosophy is that we are contrarian investors. We are value-based investors looking for undervalued companies in which to make investments and in doing so, that means we are …

We often hear the word “bubble” thrown around when people are taking about various financial markets, asset classes, and sectors. But just what does the word really mean? In looking at the various definitions of an economic or speculative “bubble” …

In like a lamb, out like a lion seems to be an accurate description of the first half of 2015. As we sit in the second week of July, Greece and China have changed investor psychology (risk-off). The overall deflationary …