TITLE

The Junk Frenzy: Pause of the Way?

AUTHOR(S)
Appin, Rick
PUB. DATE
May 2003
SOURCE
Investment Dealers' Digest;5/12/2003, Vol. 69 Issue 19, p8
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Over the past 10 weeks as of May 12, 2003, investors have stuffed more than one billion dollars a week into the hands of high-yield fund managers, building up the demand for new paper to an all-time high in the first quarter of 2003, according to Standard& Poor's. In his 20-plus years in high yield, Dick Cryan, portfolio manager at Evergreen Investments in Boston, Massachusetts says he's never seen a rally so strong and so persistent, one that is clearly being led from the bottom of the market. That means the high-yield market could be ahead of itself, and enthusiastic investors need to be on their guard in case the current bubble should suddenly pop. Even legendary investor Warren Buffet is said to have told shareholders at the Berkshire Hathaway Inc. annual meeting on May 3, 2003 that yields have fallen so far on junk bonds-an investment he had touted only a couple of months before-that it may be time to pull back.
ACCESSION #
9911777

 

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