The Memo by Howard Marks cover image

Behind the Memo: Fewer Losers, or More Winners?

The Memo by Howard Marks

CHAPTER

Introduction

Howard Marks discusses the importance of avoiding losers and holding a diversified portfolio of bonds that pay, highlighting experiences with a value investment firm and a client who ran a pension fund. He emphasizes that the goal is not necessarily to find future winners, but to avoid defaults and exposure to favorable developments.

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