Word: junk
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...course, not all junk-bond funds are created equal. Those heavily concentrated in telecommunications bonds have been beaten up the worst. Examples include the 26% slide so far this year in the Morgan Stanley High Yield Fund and the 19% drop in the Invesco High Yield Fund--at a time when the junk-fund benchmark is up modestly. Scott Berry, an analyst at Morningstar, advises staying away from such funds because most telecom bonds will remain depressed. Two of his favorite funds are Northeast Investors Trust and Pimco High Yield, which have shied away from telecom bonds and, in Pimco...
TIME.com See time.com/global for more on junk bonds, and see Dan each Tuesday on CNNfn's MoneyGang...
This pattern makes sense. Investors look ahead to recovery, when the default rate will drop and make the lush yields on junk bonds more secure. That leads investors to bid up junk-bond prices, resulting in a capital gain. "We've already seen some junk bonds rally," says John Fenn, head of high-yield investments at J.P. Morgan Fleming Asset Management. Next year, he believes, junk bonds will deliver on their eye-popping 12% yields and produce a capital-gain kicker worth an additional 5% to 10%--for a total return of about...
...Junk bonds didn't get their name for no reason. If the recession worsens, default rates will continue to rise and returns will suffer. A period of widespread price deflation in goods and services, which some have argued is a risk, would be especially tough on companies struggling with hefty interest payments. Barring such developments, though, the bad news is already priced into the market...
...thinking about college back into the junior year of high school," he told the New York Times. There are BENEFITS: students, for example, can lock up a favorite school early and have a stress-free last semester of high school. Most elite-college presidents aren't ready to junk the practice. "Everybody is worried about the PRESSURE ON STUDENTS in high school," says Stanford's John Hennessy, "but we're not sure whether removing early admissions would make it better or worse...