The Memo by Howard Marks cover image

Something of Value

The Memo by Howard Marks

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Bond Management - A Negative Art?

Bond investors return is capped at a yield that stems from the promised interest payments and pay off at par upon maturity. Bonds that don't pay, on the other hand, will produce losses of varying magnitudes. To be a good equity investor, i think you have to be an optimist. Certainly it's no activity for doomsayers.

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