*** exuberance from credit investors?

*** exuberance from credit investors?

Heisenberg posted on a BoA survey of credit investors this morning … wow. Such shifts make me nervous and I wonder if irrational exuberance is entering this space …

For example, quote: “For high yield investors, holding above normal cash levels is increasingly out of style. At the same time, it’s getting more fashionable to hold less cash than usual.’

If that does not grab your attention, then what about this … quote:

“In another sign of rapidly improving sentiment, 32% now see CCCs outperforming all other buckets across both IG and HY. That’s up from 17% in November and more than triple the 10% who expressed the same optimism around the junkiest junk in September.”

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