Be picky when shopping for junk

Are you a yield hog? Congratulate yourself if you are, because it's a good thing.

Yield hogs look for regular dividends on their money. They want to be paid to invest, and that makes eminent sense to me.

But yields have been hard to sniff out in the low-interest-rate environment, so many "hogs" have flocked to junk bonds to get them. These corporate bonds issued to companies with lower debt ratings have become incredibly popular.

Morningstar analyst Miriam Sjoblom reported that mutual funds covering the sector took in $7 billion in new money during the first two months of the year, almost matching their inflow for all of last year.

Sjoblom warns that the …