Holy cow! Fools & their money are soon parted. At least the brave folks who bought this debt when they were “giving it away” cleaned up by selling that debt (at a MUCH higher price) to the fools buying it now.
The article suggests that this phenomenon is driven by fund managers “investing” other people’s money (OPM). The fund managers will get juicy fees. Pensioners and mutual fund investors will ultimately take it in the shorts.