Chart Check: “There Goes Your Cushion”

Regular readers will recall that I have continually decried the fact that the central bank-inspired hunt for yield is driving otherwise sane investors down the quality ladder. That is, when you can't get any yield in high quality assets, you invariably search for income elsewhere. In what is surely (and hopefully) an exaggeration, I've used the following meme to illustrate the point: And although that is, again, an exaggeration, it's worth noting that investors were recently so hungry for a