The Minutes of Howard Marks on credit https://minutesof.com/howard-marks/on/credit/ Everything Howard Marks has said on credit: 3 verbatim quotes between August 2025 and May 2026, each with a timestamp and a link to the recording it came… en Sun, 30 Aug 2026 16:22:28 +0000 Marks reports Oaktree's high yield default rate is roughly one-third the market average over forty years. https://minutesof.com/q/9d73d1a4-58d9-4d76-aba2-2d6d6a6ceb8c/ https://minutesof.com/q/9d73d1a4-58d9-4d76-aba2-2d6d6a6ceb8c/ “And so, over the last forty years, on average, something like 3.6 or 3.7% of all high yield bonds have gone into default every year, and our default rate has been roughly a third.” — Nikhil Kamath Mon, 04 May 2026 14:30:01 +0000 credit Marks explains that in high yield bonds, identifying which bonds to avoid matters more than which to buy. https://minutesof.com/q/0225de99-79e7-4b36-b59a-b39874cf42a8/ https://minutesof.com/q/0225de99-79e7-4b36-b59a-b39874cf42a8/ “if there are a 100 high yield bonds out there and they're all 8% bonds, and you know that 90 will pay and 10 will default, it doesn't matter which of the 90 that pay you buy because they're all 8% bonds, they all get the same return.” — The Investor’s Podcast Sat, 13 Dec 2025 22:45:06 +0000 credit Marks notes high yield bonds currently offer 7-8% yields, close to historical equity returns with different ta https://minutesof.com/q/206fc2c0-e6d9-4882-af34-6767a33227a1/ https://minutesof.com/q/206fc2c0-e6d9-4882-af34-6767a33227a1/ “So today you can buy high yield bonds, whether it be The US or Europe or variations on that theme, what we call low grade credit.” — My First Million Fri, 22 Aug 2025 12:36:27 +0000 credit