(Bloomberg) -- Ernest Monrad has run Northeast Investors Trust since 1960, focusing on high-yield debt before “junk bonds” were a term. Monrad, the longest-serving U.S. manager according to Morningstar, outlasted 1970s inflation, the Drexel Burnham Lambert collapse and the 2008 credit crunch.

He’s also the biggest loser in an energy-driven high-yield bond rout that prompted comparisons to earlier crises after Third Avenue Management closed a $788.5 million mutual fund and froze client redemptions last week.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.