Stock price when the opinion was issued
The high-yield bond market in the US is interesting. In January everybody thought the troubles in the high-yield bond market would echo itself into something that would look more like a sub prime crisis in 2008. He had disagreed with this, so has been very Long on this all year. The bond and credit markets have done really well over the last few months, so he would recommend you shorten your duration in bond markets and increase your credit risks.