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The Memo by Howard Marks
The Insight: Conversations – Performing Credit Quarterly 1Q2023
Apr 20, 2023
35:37
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Quick takeaways
- Easy money conditions lead to excessive debt balances with weakened legal protections, potentially resulting in increased defaults.
- Aggressive lending practices during easy money periods compromise safety, setting the stage for financial challenges.
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Capital Structure Risks Due to Easy Borrowing Conditions
Easy money conditions have led to the creation of upside-down capital structures with excessive debt balances and weakened legal protections. Loans made in optimistic times with low borrowing costs may result in increased defaults and losses when economic conditions shift.
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