If an investor needs to increase the quality of his portfolio during the low-confidence periods of a recession, he can enjoy usually high returns on lower-grade instruments relative to higher grades.

Question

Quizplus · Accepted Answer

If they do not need to increase the quality of the portfolio during the low-confidence periods of a recession, they can enjoy unusually high returns on lower-grade instruments relative to higher grades.

If an Investor Needs to Increase the Quality of His