Do Bond Investors Know Something That Stock Investors Don't?
Today marks the end of the seventh straight week of stock market gains since the market low on March 6th. What an amazing run of positive market performance. I must admit that it is difficult to see how the market is worth 30% more today than it was just seven weeks ago.
The corporate bond market, on the other hand, has not shown the same excitement over the last seven weeks. While corporate bond spreads have narrowed, indicating that bond investors are...