Howard Marks sat down for an interview with Barron’s recently. Howard Marks discussed the distressed debt market, his upbringing, some of his favorite equities among other topics. MARKS FOCUSES on the rough-and-tumble world of distressed corporate debt, and his memos provide a window into his real-time thinking during some of the most convulsive periods in financial history. By late 2007, for example, Marks became convinced that the unraveling of the subprime-mortgage sector was just a symptom of much greater malaise in U.S. credit markets. He pointed to private-equity buyouts of companies done at absurdly high prices and bloated levels of debt. Those deals would make sense “only if nothing untoward happened,” he wrote. And that, he believed, was anything but a safe assumption.
Nomad Investment Partnership: Keep An Eye On The Unseen Risks
There are many ways to define risk. Warren Buffett has said that "risk comes from not knowing what you're doing." Q3 2020 hedge fund letters, conferences and more His mentor, Benjamin Graham, believed that risk should be measured as the chance of a permanent capital impairment of an investment. Seth Klarman also holds this view. Read More