Capital market expectations constantly change. Recessions may arrive sooner rather than later. The yield curve may steepen rather than flatten. The auto and paper cycles may be moving down from their peaks. Higher oil and natural gas prices may benefit the credit quality of the energy sector. An industrial may have announced a large debt-financed acquisition, earning an immediate ratings rebuke from the rating agencies. A major bank may plan to repurchase 15% of its outstanding common stock (great for shareholders but leading to higher financial leverage for debtholders). In response to such daily information flows, portfolio managers amend their holdings. To understand trading flows and the real dynamics of the credit market, investors sh....