
Behind the Memo: Sea Change
The Memo by Howard Marks
Buying Good Things Isn't the Job of the Professional Investor
Good investing doesn't come from buying good things, but from buying things well. Moody's defined a b-rated bond as follows: Fails to possess the characteristics of a desirable investment. The innovation by Mike Milken and others in 77-78 was that you should be able to issue Hayo bonds if the prospective return was sufficient to compensate for the risk.
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