So far this year, investors who crave the extra yield of junk are actually worse off than they would have been in Treasuries.

Nevertheless, holders pay for the extra yield by giving up access to their money, so investors should be comfortable with a long holding period.

The extra yield generated by bonds of lower credit quality or longer maturities is minimal.

But it also appears that the extra yield for the extra 50 years on the Disney bond may not be all that much.

People who invest in general purpose funds are taking on slightly more risk for a little extra yield.

He or she may gain extra yield over a regular bond by buying a range accrual note instead.

The extra yield goes into the pockets of the long-term buyers.

Fed tightening should slow economic growth, he said, and investors will gradually move to longer-term bonds for the extra yield.

Intermediate or long-term bonds won't get you any extra yield now.

The extra yield comes from buying bonds with longer maturities than would be found in money market funds.