But in my discussions with Matt Philo, head of MacKay Shields High Yield Group and a longtime investor in both high-yield bonds and loans, we concluded that generalizing is often difficult to do in the investment business.

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Since many innovations represent a solution to a technical problem, this approach often involved determining other industries (or other situations within the same industry) in which a similar problem arose, and then generalizing the description of the innovation so that it could be used in those other industries or situations.

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"Generalizing from a single evaluation conducted in one setting is, at best, premature, " said David B.

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