
The Rewind: Something of Value
The Memo by Howard Marks
Investing in Bonds
Bond investors return is capped at a yield that stems from the promised interest payments and pay off at par upon maturity. Bond investing mostly requires cism and attention to the down side. One of the reasons i did well in fixed income is that it played to my natural conservatism. Since tech companies issue relatively few bonds, it also accommodated my lack of focus on technology which has never been of particular interest to me. I am certainly not an early adoptor or have a history of recognizing emerging technological trends in their infancy.
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