One quote about bond investing that has stuck with me is: buy stocks for speed (growth) and buy bonds for ballast (stability).

Translation into practical advice: don't chase yield.

If you want higher returns, buy stock in a good company (or better, a quality ETF), rather than a bond issued by a bad company. High yield bond funds are nothing but a collection of bad bonds. Avoid.

You might think that since everyone knows this, junk bond funds would be appropriately priced to yield the same risk-adjusted returns as treasury funds or investment grade corporate bond funds. But they are not. Something about that high yield number causes people to suspend judgment, in the same way that investors perennially overpay for growth stocks (even after accounting for their very real high growth).
Don't be one of them, is all I am saying.
Ben Graham said it too so I am in good company.

Bond Investing FAQ

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