At a time when investors are worried about leverage, it shouldn’t be a surprise that companies with more debt are unpopular

Shares in American companies are the most expensive they have been in almost 20 years. Bonds from American companies arent even as expensive as they were this February. Are corporate bonds offering a bargain that the stock market isnt?
Perhapsbut it isnt as obvious as it looks. The problem is that comparing stock and bond valuations is like comparing apples and orangutans: they just have very little in common. U.S. stock indexes are stuffed with companies that investors currently want, led by the giants of Microsoft Corp,,…