Ferreting Out Income PlaysEditor's note: This is an extended
version of a Q&A published in the May 5, 2008, issue of
BusinessWeek magazine.  Twenty-six years ago, Thomas Atteberry
switched from equities to fixed income, figuring what the field
lacked in sex appeal would be made up for in job stability. In
1997 he joined First Pacific Advisors, home to the notoriously
conservative—and contrarian—Bob Rodriguez. Rodriguez's FPA New
Income Fund (FPNIX) rarely has sensational returns but
consistently churns out around 4.5% per year. Better yet, the
fund never loses money. Ever. It's currently enjoying a 23-year
winning streak. Since 2004, Atteberry has served as Rodriguez's
co-manager and it's his job to ensure the streak continues. He
recently talked to BusinessWeek's Ben Levisohn.  Spreads on junk
bonds are looking more attractive every day. Should I be
scooping them up? The spread level is attractive, and the
indexes look interesting. But you're in a recession and history
tells us that spread and yield—the pric