Chapter 6: Portfolio Policy for the Enterprising Investor: Negative Approach (The Intelligent Investor)

Unless lower rated bonds and preferred stock have a huge upside, enterprising investors should avoid them. Lowe rated securities usually collapse in adverse markets.

It is good to avoid foreign bonds. But ETF’s have mitigated for this problem, so do mutual funds that specialize in foreign bonds and lower-rated securities.

"A gilded No is more satisfactory than a dry yes" - Gracian