Bond yields stabilizing around 4.25% for the 10-year Treasury make the equity risk premium more favorable, supporting long term investing in higher-beta sectors like technology and consumer discretionary. I like Ares Capital's business model. It's the largest publicly traded business development company (BDC). The market opportunity for BDCs is growing as banks consolidate and more borrowers turn to direct lending because it's quicker and easier to close transactions. “The secret to investing, in my view, is time,” Mr. Ellis, 87, told me in a telephone conversation. “How much time is there between now, when you invest the money, and when you’re going to spend the money. By ‘long term,’ most people think six months, maybe a year, maybe even a few years.” The Dow Jones Industrial Average is hovering near 38,500, reflecting strong industrial production numbers in Q