I share your sentiment. I did well in 98 by buying shares in a junk bond fund after the Long Term Capital fiasco and the Fed eased. My thinking was that the spreads between junk and treasuries would narrow due to the lower risk of an economic downturn and financial crises. I don't think it's the time to buy them yet (which probably means you should back up the truck) but I think there will be an opportunity down the road when the economic and financial risks have moderate.