Maybe you’ve heard some variation on this fear in the last few years:
A lot of American companies are going to default on their debts.
I know I have. Frankly, pushing back on it was among the most contrarian calls I’ve made during my investment career. And it was tough to stick with. I’ve been in plenty of conversations with bankers, hedge fund managers and other Wall Street types who thought a default wave was right around the corner.
But it wasn’t. And it isn’t now—even though the fear remains. And we’re going to tap this ongoing misconception for a cheap (but getting less cheap every day) 8.6% dividend in just a second.… Read more
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