
Behind the Memo: Sea Change
The Memo by Howard Marks
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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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