Like the popular Memphis golfer, they are capable of strong spurts of high performance, but can have trouble putting together a string of consistent years. They tend to do best right after they have performed worst. Not everyone agrees now is the best time to invest in high yield bonds. I believe they should be considered as part of a portfolio for investors willing to take the risk of a soft landing in the economy. Don't attempt to buy individual high yield bonds.
High yields are a specialized niche best left to experts.
And funds are able to diversify the default risk by investing across many companies in various sectors of the economy. To invest aggressively, try the Strong High Yield Bond Fund. Manager Larry Koch had about a third invested in telecommunications bonds last fall. But he claims to have upgraded the quality of his portfolio recently. A more conservative investment is the Vanguard High Yield Bond Fund.