Credit spreads on junk bonds, which are an indication of future default rates, rose from 260 basis points over Treasury notes in early 2007 to 1,200 basis points in late 2008 (see chart).

垃圾债券的信贷息差，作为未来拖欠债务率的指标，从2007年初高于国库券的260基点涨到了2008年末的1200基点(如图)。

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But in general, I think the play has been over, obviously in these notes and bonds, and bond funds for that matter.

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Hulbert also notes that the standards used to determine whether individual investors are over-invested in bonds and under invested in stocks are unclear at the moment, and it was completely rational for such investors to avoid stocks in recent years.

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