The Rewind: Ditto
The Memo by Howard Marks
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Investing in High-Yield Bonds
The precariousness of the Nifty 50 in 1969 and the safety of high-yield bonds in 1978 stemmed from how they were priced. A too high price can make something risky, whereas a too low price can make it safe. No asset is so good that it can't be bid up to the point where it's overpriced and thus dangerous.
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