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Are Investment Grade Bonds Really Investment Grade?

This chart caught my eye this morning. Investors are increasingly worrying about investment grade (IG) corporate bonds. And they should. Most IG bonds carry the lowest IG credit rating; and they are overweighted in the energy sector. When bottom-rung IG … Continue reading

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Financial Crises are Pandemics Too

Summary: Long ago, Friedrich von Hayek published two brilliant papers describing a price system as an information network. Since then, thousands of scientific papers have been published in network theory. Epidemiology is the study of how a pathogen like the … Continue reading

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