What they're doing is very smart. They're consolidating the high-yield bond industry at a cyclical low, when business is not so good now. Coming out of that they'll be the dominant player in the space. |
You know, you always learn more in a bear market about what the new leaders are going to be than you will in a bull market. And in the most recent declines, certain segments within technology have held up very well and have shown excellent relative strength. This means that, basically, these stocks are not being dumped on a wholesale basis - they're actually being accumulated. |