Investing in a Low Return World

At nine thirty, this was one of the worst years in history for both stocks and bonds. But now credit instruments, treasury returns are now forish, not one-ish. Yield spreads are additive to that and they're not skinny. They're normal. So prospective yields on credit instruments are pretty good. I describe them as more than ample. And the seven percent investor can make use of credit instruments today, whereas it was tough to use public, unlevered credit instruments a year or two ago. The outlook is not so rosy and the going is not so easy.