### Comment:
LQD, HYG, BKLN? I have leaps puts on all three.

### REPLY:
Bingo on HYG and BKLN, LQD depends on whether you think the investment-grade market will be as volatile as junk and leveraged. Problem right now is timing - high-yield spreads are being suppressed by low rates and continued reach for yield, so the lag time between spreads rising and a full-blown panic may be lower than in previous crises.

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