By the beginning of the 1990s the pension fund industry held about 15 percent of all junk bonds outstanding.

Question

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By the beginning of the 1990s, pension funds, attracted by high yields, indeed held a significant portion of the junk bond market, with estimates around 15 percent of all junk bonds outstanding. This was part of a broader trend of institutional investors participating in higher-risk, higher-yield investments.

By the Beginning of the 1990s the Pension Fund Industry