From Chris Mayer, Chief Analyst, Bonner & Partners:

There are six oil stocks that are almost surely toast by the end of 2016…

You can tell by their bond prices.

Bond prices are a clue to financial health. Firms usually issue bonds at face value, or par. But if the company gets in trouble, the market might discount the bonds.

For example, a $100 bond that paid 5% at issue might later sell for $10 if the market thinks the odds of repayment are very low. The firm still pays 5%, or $5. But because the bond trades for $10, it yields 50%.

Scott Fearon is a hedge fund manager and the president of Crown Capital Management. His fund has averaged 11.4% annually since its inception in 1991. And he’s had only one down year. His specialty is short selling, or profiting when a stock falls.

“Once bond yields surpass…