Ep. 897: Trends, Value and Selling with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The History of High-Yield Bonds
The next Howard Marks he won't get to the same kind of success as the first Howard Marks but there might be some rhyme to it. In August 1978 at the head of the bond department called me and said look there's a guy named Milken or something out in California he deals in something called high-yield bonds should you figure out what that is nobody had an ideaNobody knew about these things I had never heard of them fortunately that was the beginning of the high-y yield bond world prior to 1977 or 78 it was not possible to issue a bond for the credit rating below triple D with enough interest to compensate for the risk.
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