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Howard Marks & Andrew Marks: Something of Value
Acquired
High Yield Bonds
Bob Greene: I made money steadily and safely investing in the worst public companies in America. He says they were all priced too high, but some in addition to it was illusory. The granddaddy was IBM, he says; you can't be fired for buying IBM. Greene: Xerox was number two. They completely lost their market to imports and had to find a new business model. It's no different than what we do in high yield bonds.
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