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    What's your theory for why U.S. junk bonds (e.g., $HYG) are outperforming U.S. equities (e.g., $SPY)?

    @adangut On first principles that’s true, but in practice not so much. “I wrote something dumb on Tuesday about exchange-traded funds. Basically I said that if the Federal Reserve can buy a big corporate bond ETF as long as it doesn’t trade at a premium, but it can’t buy the underlying bonds...
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    What's your theory for why U.S. junk bonds (e.g., $HYG) are outperforming U.S. equities (e.g., $SPY)?

    @adangut I thought about it and ended up concluding there are easier shorts, and now that Fed is putting a floor on it I think that’s even more true.
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    What's your theory for why U.S. junk bonds (e.g., $HYG) are outperforming U.S. equities (e.g., $SPY)?

    Best I've found on this thus far is from https://www.gmo.com/globalassets/articles/white-paper/2020/jr_high-yield_3-20.pdf
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    What's your theory for why U.S. junk bonds (e.g., $HYG) are outperforming U.S. equities (e.g., $SPY)?

    @robert2032 Gotcha, thanks.
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    What's your theory for why U.S. junk bonds (e.g., $HYG) are outperforming U.S. equities (e.g., $SPY)?

    @robert2032 Idk, I’m just trying g to follow your line of thought for how Uncle Sam Will prop up junk bonds.
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    What's your theory for why U.S. junk bonds (e.g., $HYG) are outperforming U.S. equities (e.g., $SPY)?

    @robert2032 You think shale gets bailed out next?
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    What's your theory for why U.S. junk bonds (e.g., $HYG) are outperforming U.S. equities (e.g., $SPY)?

    Energy, capital goods, and REITs together make up almost 20% of $HYG's NAV, all of which are being impeded by coronavirus and Saudi v. Russia acrimony, and the rest of it ain't sitting pretty either. Brent crude is down another 5% this morning on Saudi Arabia's promise to pump even more, yet...
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