JEPI - You Aren't Getting Paid For It

• The world currently has $18.1 trillion in negative-yielding debt, which is a boon and a godsend for the nations and corporations that have it. It is a "Borrower's Paradise" and a "Fixed Income Investor's Hell."
• All across the spectrum, the compression to Treasuries is taking place. The Bloomberg high yield Index, with a duration of 3.49 years, now yields just 4.387% and is only 257.1 basis points over the investment grade corporate bond Index.
• Yield, in my view, is going to be one of the saving graces in 2021. You can still find some in closed-end funds and in a few ETFs. However, it is quite complicated to find the right funds.

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