JEPI - You Must Pivot To Win

• Historically, we look at investments as a matter of "Relative Value." However, there are times, such as we are in now, when "Absolute Value" is the motivating force.
• If you consider bonds, these days, the focus is on Treasuries as the benchmark for risk-driven assets. It is certainly true that Treasury yields have risen, to some extent, but we have seen exactly the opposite with risk assets, such as corporate bonds, mortgage bonds, high yield bonds et al.
• Bonds no longer work effectively to provide any real yield and, more than that, you are not getting any real compensation for the credit risk factor. This is why I have turned to some CEFs and some ETFs to get some outsized yields as compared with bonds.

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