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The Insight: Conversations – Performing Credit Quarterly 1Q2023
The Memo by Howard Marks
The Implications of the Easy Money Environment
When the economy is doing well, the markets are doing well, people are optimistic. It's hard to go bankrupt. If you lose a bunch of money, you can borrow more. The default rate on the high yield bond universe was unusually low for 30 years from 78 to 08. So we think we'll see more defaults and bankruptcies.
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