The Rising Influence of Rising Affluence

[DewDiligence]

[CLF’s bond maneuver] flies in the face of the old mantra "Bondholders are Smarter."

This was a much-discussed topic during CLF’s near-bankruptcy experience in the middle of the previous decade. My contention then was that the market for CLF’s bonds was insufficiently liquid for the bond prices to be reliable predictors of the company’s business prospects. I think this is still true.