Herb lore from the Sage of Omaha: “In January and February, 45% and 47% respectively of new junk issues carried a rating of B- or lower. Last year as a whole, the figure was 31%. ‘When the share of lower-grade issuance (particularly at the B- level or lower) exceeds 30% for a sustained period of time,’ says S&P, ‘it generally serves as a reliable indicator of imminent default pressure two or three years ahead.’”