Why investing in non-investment grade bonds, leveraged loans, and preferred stocks is potentially more compelling than investing in common stocks at present.

Topics covered include:

Why Howard Marks told institutional clients to sell stocks and buy high-yield bonds instead
The contractual agreements comprising bonds, leveraged loans, and preferred stock give them an advantage relative to common stocks
How preferred equity exhibits attributes of both bonds and common stocks
What is the expected return and risks for high-yield bonds, leveraged loans, and preferred stock
How do we invest in these three asset types