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When last I wrote, corporate credit was trading at extreme levels only seen during two or three brief periods in the last 30 years. At the time, we were extolling the opportunity to buy credit assets at historically cheap levels, and while we could not predict where the market would bottom out, we could be highly confident that the result would be positive for performance over a horizon of a year or more.
In the last couple of months, the market has come storming back faster than any of us could have predicted. Today, high-yield