After a five-year slump that lasted through last October, junk bonds have been on a tear over the past six months. But they haven’t worn out their welcome with investment professionals yet.

"Technically, people would say after such a long run, there is bound to be a pullback," said Erika Safran, a financial planner with Financial Asset Management Corp. "But there are few other investment vehicles out there that provide this kind of yield right now. Over the long term, people are not buying equities," she said.

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