Payden's Lopez on why high-yield is working in a high-rate environment

Jordan Lopez, manager of the Payden High Income Fund, says that the healthy economy -- which he sees as being able to avoid a protracted and/or deep recession -- has high-yield securities in a good place, able to pay out returns that beat current inflation rates without much additional default risk. He notes that with a lot of high-yield debt currently having intermediate maturities, companies can be flexible and patient, which will help to guard against rising costs of capital until the rate trend turns. Also on the show, Lawrence McMillan, president of McMillan Analysis, says the market has been pushing against support levels and if it breaks through 4,300 on the Standard and Poor's 500, it could break out of its current range and fall significantly; still, he feels like most of the downside pressure is a short-term risk, with longer-term technical indicators holding up reasonably well. Plus, Christian Munafo of Liberty Street Advisors and the Private Shares Fund talks about burgeoning opportunities in private-equity and venture-capital investing, and David Miller of the Catalyst Mutual Funds talks in the Market Call about using insider-buying as a buy/sell factor in stock selection.