Bruce Richards Says You Want to Ride 'The Credit Horse'

The transcript discusses the market's positive reaction to Pfizer's news and the healthcare sector's resurgence. It analyzes the credit market dynamics, highlighting the Fed's intervention and its impact on liquidity. The discussion covers trends in the high yield market, noting changes in ratings and issuance. The concept of a K-shaped recovery is explored, with a focus on restructuring prospects and elevated default rates. Finally, the transcript identifies opportunities and risks in the credit market, emphasizing the importance of security selection.

What does the text suggest about the trend of high yield issuers' ratings?

What is meant by a 'K shaped recovery' as discussed in the text?