On the face of it, these findings imply that high yield bond funds should concentrate their holdings in fallen angels.

FORBES: Wall Street Is Getting Better At Creating 'Junk'

Almost all the media coverage has the following chart, or similar stats regarding the inflows into high yield bond funds.

FORBES: Junk Bond Bubble Myths vs. Reality

If you believe the U.S. economic recovery remains on track, high yield bond funds and ETFs may be good vehicles for acting on your conviction.

FORBES: The "True" Legend of Canute