This Group Of Investors Is The Most Bearish On Junk Since 2008 [Seeking Alpha]
iShares Global Timber & Forestry ETF (WOOD)
US:NASDAQ Investor Relations:
ishares.com/us/products/239752/ishares-global-timber-forestry-etf
Company Research
Source: Seeking Alpha
Summary I've been piling on junk for a long time. Meanwhile, some investors have been piling up junk for an equally long time. Over the last year, we've all watched as a bubble developed in the said junk. High yield spreads compressed dramatically as vehicles like iShares iBoxx $ High Yield Corporate Bond ETF (NYSEARCA: HYG ) and SPDR Barclays Capital High Yield Bond ETF (NYSEARCA: JNK ) rallied hard off their February 2016 lows. Last week, we saw the first signs that the bubble may be starting to burst. To wit: I highlighted those charts in a previous post, but what I didn't mention was that we just witnessed the largest outflow from US HY ETFs since November, and the 4th largest on record. Here's some color from BofAML (my highlights): US HY experienced a $2.8bn (-1.2%) net outflow last week, the largest amount since November 2nd's -$4.0bn (-1.75%) withdrawal. Almost all of these redemptions came from HY ETFs (-$2.5bn, -
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