The Memo by Howard Marks cover image

The Impact of Debt

The Memo by Howard Marks

CHAPTER

Exploring the Influence of Debt and Leverage on Risk and Volatility

Exploring the relationship between debt, enterprise size, profitability, asset value, and volatility, highlighting how increasing debt levels limit resilience during turbulent times. Discussing leverage, capital efficiency, and the risks of underestimating asset volatility.

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