High Yield Smackdown

Remember a few weeks ago when I was in all “Chicken Little” mode? Sure, let’s call it that. Seems a fair characterization for warning investors not to pay utterly absurd price-to-book ratios. For instance, I wrote: “I keep running my mouth about the price-to-book ratio. Some people (awful investors) think price-to-book doesn’t matter. Those investors thoroughly disagree with the executives of the REITs, so that’s pretty funny. There are times when price-to-book can be overshadowed by other factors. For inst ...