The Winds of Change

In his latest memo, Howard Marks discusses recent attempts to rein in long-dated government bond yields. He affirms that the only sustainable solution is responding to the underlying factors pushing interest rates up, even if politically uncomfortable. Any other method simply rep ...  Show more

In his latest memo, Howard Marks discusses the evolution of the sub-investment grade credit market from its beginnings in the 1970s to its present state. He focuses on the rise of direct lending following the Global Financial Crisis, identifying the reasons for its fast growth bu ...  Show more

We are witnessing a transition, of an 80 year financial revolution, the old monetary system is dying and the new one is rising, and new bills this week show us it won't go smooth... See omnystudio.com/listener for privacy information. Hosted by Simplecast, an AdsWizz company. See ...  Show more

As we anticipate months more of lockdown and efforts at recovery, at further tragic loss of life and catastrophic economic dislocation, it is clear that we are living through an era-defining event. Such events typically shape the outlook of generations and lead to shifts in prior ...  Show more

Alf and Brent discuss similarities and differences between the world and the macro cycle today versus the pre-pandemic period. While the cycle might look similar, should we not pay attention to the structural differences too? The duo moves on to discuss the aggressive bond market ...  Show more