"I think there's about 1.7 trillion treasury bills in the world and we own 5% of them" - Warren Buffett
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A = average number of years between market crashes/recession B = t-bill yield C = Corp debt yield D = Discount purchase targets trade at during recession/market crash Assuming corporate debt is illiquid during crashes/recession, Buffett mist believe: D > (1+C)^A - (1+B)^A
If E = the discount corporate debt trades at due to illiquidity during crashes/recessions Then: E*(1+C)^A < (1+B)^A