With tech stock PE ratios trending 15% above their 5-year average, note investing has become a more grounded play. High-yield note packages linked to commercial property debt are now trading at 92 cents on the dollar, signaling strong secondary market liquidity and potential upside. A looming patent cliff presents another challenge for Pfizer. However, the company has multiple drugs with fast-growing sales that should largely offset any revenue declines from patent expirations. Pfizer's business development deals and pipeline progress should also help boost sales and profits. This experience is remarkably similar to investing in low-volume stocks or private businesses operating in niche markets. In the world of investing, liquidity or the ability to buy or sell an asset without significantly affecting its price is often taken for granted in large, well-traded markets. But when you venture into thinly traded stocks, microcaps or private companies, the lack of buyers and sellers can make it extremely difficult to determine fair value or to exit your position efficiently. What is note investing’s performance against the bond market? April’s corporate bond yields averaged 6.5%, while top-tier performing notes delivered 8.1%, backing the shift in institutional allocations.