The Memo by Howard Marks The Insight: Conversations – This Time Might Be Different with Howard Marks and David Rosenberg
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Jun 27, 2023 
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End of Ultra Low Rates Era
- The period of declining or ultra low interest rates since 1980 is not normal and won't repeat.
- Financial market strategies must adapt to the end of this easy money environment.
High Yield Meets High Quality
- Today's credit market offers high yields with good quality, a rare combination.
- COVID-19 improved credit quality by pushing weak credits into default and prompting companies to refinance early.
Do Credit Work Early
- In credit investing, avoid defaults by focusing on careful credit analysis.
- Do credit work early because market pricing only reflects risk after problems emerge.