Mike Hennessy of Harbor Crest Wealth Advisors argues that, of the many risks faced by fixed-income investors, three in particular are not adequately understood. In this podcast (9:58), Hennessy shows how investment-grade bonds could quickly turn into junk in a downturn, why liquidity in the ETF market may be overpromised and how a return of inflation could force the Fed to hike rates, adversely impacting borrowers, corporations and governments. Learn more about your ad choices. Visit megaphone.fm/adchoices