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Opening Credit: A practitioner's guide to credit investment by Justin McGowan, Duncan Sankey

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Introduction

The case for corporate credit

In June 2010, strategists at US investment bank J.P. Morgan contended in a research document that investment-grade corporate credit was the asset class that our “great-grandfathers should have bought”.1 Investment-grade credit, it turned out, had outperformed all other asset classes over the long run (and not in the Keynesian sense of the period over which we are all dead,2 but during the specific period 1919–2010).

Nonetheless, it is fair to say that credit investments receive only a fraction of the market and media attention devoted to their more volatile but readily accessible alternatives in the equity markets. There is no equivalent to CNBC’s Mad Money devoted to the movements of the credit markets. ...

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