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Energy Weighing Heavily On Junk Bond Market; Watch For Contagion

"The essence of investment management is the management of risks, not the management of returns. ALL good portfolio management begins with this premise!" Benjamin Graham, The Intelligent Investor

Perhaps the most important message I learned from the 2007-2009 financial crisis was to listen intently to the message of the credit markets. I learned a lot from reading the articles by the late Bennet Sedacca, a money manager who first blew the credit alarm (click for link) and tragically died just a few weeks after the bear market ended in 2009. He highlighted over and over again the meltdown in the credit markets while everyone in early 2008 was still arguing if we were in a bear market and/or recession. The message was as clear as day for anyone listening and eventually the equity markets crashed.

Looking at the message from the credit markets was not only helpful at… Read More …