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The Memo by Howard Marks — Cockroaches in the Coal Mine
Not scored yet24m·2025-11-06·Money

Cockroaches in the Coal Mine

The Memo by Howard Marks · 74

In his latest memo, Howard Marks examines the recent string of well-publicized credit problems. He considers how they serve as a reminder that the yield premium offered by sub-investment grade credit isn’t a freebie, but rather compensation for bearing credit risk. While good times lead to complacency and elevated…

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