Salient to Investors:

Robert Baltzer at Baillie Gifford said corporate bonds will make less in 2013 after 4 years of annualized gains of at least 15 percent. Baltzer has become more nervous while the market has become less nervous, and has reduced banking securities because he sees significant systemic risk in European banks.

Since the collapse of Lehman in September 2008, the Bank of America Merrill Lynch Global Corporate & High Yield Index has risen 44 percent.

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