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They don't like to call them Junk and prefer the term high yield :D Check out cuffelinks Why would you invest in junk?

Looking at the ASX Accumulation Index it has returned 8.8% over the last 10 years to June 30th 2014 20 years is 9.4% 30 years is 11.7%

Doesn't seem correct, why have a portfolio/asset allocation percentage to start with then? Saying rebalancing is unnecessary is basically saying that asset allocation is unimportant. Wasn't it also Bogle who said that an investor should have a bond allocation roughly equal to their age; if so...