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High yield bonds are not in a bubble, writes Cumberland's Michael Lewitt. Yes, yields are...

High yield bonds are not in a bubble, writes Cumberland's Michael Lewitt. Yes, yields are "uncomfortably stingy," he admits, but spreads to Treasurys are nowhere near as low as they've been during other frothy periods. Also, the quality of offerings is high, as opposed to the junkiest of junk issued prior to previous market crashes.
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