Sea Change
The Memo by Howard Marks
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The Fed's Reversal of 2009 to 2021
The market characterized by easy money and upbeat borrowers and asset owners disappeared. Credit investors became able to demand higher returns and better creditor protections. The list of candidates for distress, loans, and bonds offering yield spreads of more than 1,000 basis points over treasuries grew from dozens to hundreds. If I've accurately described today's environment as I believe I have, then we're witnessing a complete reversal of the conditions from 2009 to 21.
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