Dan Denning says equity shareholders are being wiped out in the current financial crisis. And bondholders are next in line. If you are going to buy debt, make sure it is good debt. In today’s climate, that means it should be based on real assets with real demand… like energy stocks.

Although meat-and-dairy prices are expected to zoom even higher from their current record levels, this slice of the commodities boom won’t be a slam-dunk profit play for investors: Many food producers are watching the revenue gains they’re reaping from the rising market prices get wiped by even bigger spikes in commodity-related expenses.

“We are in the early stages of what will become a big mess for producers” of food products, including meat-and-dairy offerings, Greg Wagner, a senior analyst at Ag Resource Co., told the Dow Jones News Service. Over the next few years, retail food prices “will rise like never before.”

There’s yet another market anomaly happening this year. This one is hurting many commodity bulls who called the market right, but chose the wrong way to play the trend.