"Investors need to understand the growing risks of overplaying the defense card," writes...

|By:, SA News Editor

"Investors need to understand the growing risks of overplaying the defense card," writes AllianceBernstein's Joe Paul, exploring whether high-yield stocks are in bubble territory. It's not news they're expensive compared to past metrics, but high-yielders now make up a record 44% of the S&P 500 (on a cap-weighted basis). "As a countermeasure, (investors) may want to add more cyclical, deeper-value names."