The Day Ahead: Stay as Sharp as a Chainsaw

Frown on the Debt Issuers. Companies have engaged in a mad dash to issue debt at low yields into the election. Hey, I understand the rationale: Lock in easily serviced capital and focus on execution going into 2013. But this was a hasty decision to mess with the capital structure in a slow-growth environment, in my view. If you're waiting to act on a group of companies in a similar sector, I would assign two tiny thumbs-down avatar to the debt issuers -- one for iffy management and the other for new debt alongside slow global growth.

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