Seth klarman, who runs Baupost Group, a big hedge fund, is worried. In his latest letter to investors, he writes that "a sceptic would have to be blind not to see bubbles inflating in junk-bond issuance, credit quality and yields." Recalling the credit boom, he adds that "here we are again, mired in a euphoric environment in which some securities have risen in price beyond all reason...and where caution seems radical and risk-taking the prudent course." Mr Klarman is right that investors are currently enthusiastic buyers of corporate debt, which offers at least some yield in a world of very low short-term interest rates. In the week to March 5th investment-grade bond funds received inflows of $1.8 billion and junk-bond funds had inflows of $1.1 billion, according to Bank of America Merrill Lynch.
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机译：经营大型对冲基金Baupost Group的塞思·克拉曼（Seth Klarman）感到担忧。在他给投资者的最新信中，他写道：“怀疑者必须视而不见，以免垃圾债券发行，信贷质量和收益率出现泡沫膨胀。”在回顾信贷繁荣时，他补充说：“我们再次陷入困境，陷入一种欣欣向荣的环境，在这种环境中，某些证券的价格已经超出了所有原因的价格……而在这种情况下，谨慎行事似乎是激进的，并且冒险采取谨慎的做法。”克拉尔曼先生说得对，因为投资者目前是公司债券的热心买家，在短期利率非常低的世界里，债券至少可以提供一定的收益。根据美银美林（Bank of America Merrill Lynch）的数据，在截至3月5日的一周中，投资级债券基金的流入量为18亿美元，垃圾债券基金的流入量为11亿美元。
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