Gershon Distenfeld co-heads a fixed-income team at AllianceBernstein that manages over $300 billion in assets. He joins Real Vision to discuss how the high-yield credit space can function as an alternative to the stock market and why the best bond investors focus on avoiding losers rather than picking winners. He underscores the importance of fixed-income diversification and gives his thoughts on leveraged loans, collateralized mortgage obligations (CMOs), and collateralized loan obligations (CLOs). Filmed on January 10, 2020, in New York.