1. Among junk bonds, yield spreads have changed little in the three weeks since Fed Chairman Alan Greenspan warned that high-yield bonds might be overvalued. 2. But those narrower spreads may change how business is done. 3. When the spread changes, it means something is happening to at least one share price and maybe both. 4. And because the Gamboas bring only the freshest catch in season, the buffet spread is always changing. |
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