 At this time, high yield debt came into the sights of institutional investors as a portfolio enhancing investment and there was a great demand for quality research in the field.According to Fridson, much of the high yield analysis at the time was indistinguishable from advocacy.Realizing the opportunity for this kind of research he left for Morgan Stanley in 1984, where he began to challenge market lore and accepted practices by using statistical and econometric techniques, leading to many active trading strategies.