I am more than a little perplexed by this analysis. The point that ending yields do not converge to the starting yield (which, in fairness, in the point of the article) is right and interesting. However, the general sense of negativity on high-yield is not justified: comparing the BoA ML HY, Corporate and Treasury indices from 1986, I find that HY has outperformed Corporate and Treasury by some considerable margin, with higher volatility. From reading the article, one would think that HY had detracted value vs. Treasuries.