Naked Capitalism has the post Wolf Richter: This is When Bonds Go Kaboom!
But the $40-trillion US bond market is not an entity by itself. Many of these companies are publicly traded, and stockholders are at the low end of the capital totem pole. Even the lowliest, most kicked-around unsecured bondholders come ahead of them. That’s how problems in bond land tear into stocks. To get an idea where Chesapeake’s and Olin’s stocks are headed, watch their bonds.
Now this is some financial advice that I had not thought about. Perhaps I have been spending too much time on politics, and not enough time watching my portfolio. Actually, there is no perhaps about it.