With tax loss season over and write downs a plenty we are giving a serious thought to high-yield debt. Treasuries are a farce at this price. Munis scare us due to the fact that state budgets are all in the red, and unlike the Feds, the state can't print endless amounts of fiat currency.
Besides, if companies start missing debt payments the equity will become nearly worthless.
We will likely build our way up to 10% of total capital in various high yield mutual funds or ETFs if we find ones that are appropriate.
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