Alan von Altendorf

Which Is Safer: Investment Grade Corporate Debt or Government Bonds?

Brilliant. The money quote:

"For some companies, especially the food and beverages and fast-food companies, cash flow is largely generated internally and, in most cases, these companies don’t need to raise cash to finance operations. I would argue that companies like Kraft Foods, General Mills and McDonald’s are a better long-term credit risk than most sovereign borrowers."

I think supply of their bonds will decrease, too. Less need to borrow, less reason to expand operations in a stagnant economy.