Anyone who'd buy a European high-yield bond these days must have a high tolerance for risk. Anyone who'd buy a European high-yield bond firm must have an even greater taste for danger. Stephen Peacher undeniably qualifies as bold. The chief investment officer of the credit team at Putnam Investments has engineered the big U.S. firm's acquisition of New Flag Asset Management, a European high-yield boutique based in London. Peacher's calculated bet: The high-yield market's horrendous performance will end before long.