"Historically speaking it seems relatively clear that most dips in HG are meant to be bought in the short term," the strategists wrote.
The strategists looked at selloffs in the JPMorgan US Liquid Index, focusing on times when spreads hit their widest level and remained there for a month.
If one bought at the widest point, when the model worked, the subsequent tightest level was on average about 46 basis points tighter over the following three months.
There have been 37 selloffs by this definition since 2000, revealing patterns and risks associated with buying corporate bonds during market selloffs.
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