The Weekly Fix: Credit Investors Are Fighting 100 Duck-Sized Horses

Welcome to the Weekly Fix, the newsletter that’s turning to zoological warfare tactics to get a handle on the corporate-debt market. –Luke Kawa, Cross-Asset Reporter

One way to analyze U.S. credit these days is through the lens of a “gotcha” question that originated on internet forums and eventually ascended to interrogations of presidents and Supreme Court justices: Would you rather fight one horse-sized duck, or a hundred duck-sized horses?