The Memo by Howard Marks cover image

Coming Into Focus

The Memo by Howard Marks

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Investing in High Yield Bonds

When i studied at the university of chicago business school, they called this equilibrium. As perceived risk increases, each asset class appears to offer a higher a priori return. But in march, the fed lowered the fed funds rate by one point five %. Predictably, other interest rates, bond yields and prospective returns generally followed suit.

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