Im definitely the worrying investor type and there appear to be less and less of us these days. Just like you mentioned ,look at the shrinking spread between the yields on junk bonds and comparable Treasurys. Stock market is nothing compared to bond market. Bond Morley decides what direction everything goes especially stock market. This spread is currently 3.5% or so. Which means that junk bond investors on average be paid a yield of just 3.5 percentage points more than if they had instead invested in Treasurys of the same. That’s not much compensation for the considerably higher risk investment.The junk bonds are called “junk” because they are much more riskier just as stocks are.The average high-yield spread over the last 20 years has been 5.7 percentage points. And it often spells economic trouble when the spread drops to levels where it stands today. The record low for the spread came in the summer of 2007, when it dropped to 2.4 percentage points before the famous crash.