And with the bulls running, the search for yield intensified, sending lower-priced, lower-rated loans higher.

FORBES: S&P/LSTA Index Loan Index Hits All-Time High With A 2.18% Gain In Jan.

In the year to date, loans are running in the middle of the pack, trailing equities and high-yield bonds, while beating 10-year Treasuries and investment-grade corporate bonds.

FORBES: Connect

Tests running at two big sawmills, in Europe and in America, suggest that the improvement in yield can run from 2% to 18% for different kinds of tree, with an average gain of 10% in the value of the timber produced from a log.

ECONOMIST: Chopping wood