Marks notes the global financial crisis had only one year of elevated high yield defaults versus the normal two years.
“the global financial crisis, which was probably the most destructive environment I've ever lived through, have only one year of elevated defaults on high yield bonds rather than the normal two.”
Marks notes the global financial crisis produced only one year of elevated defaults instead of the normal two years.
“we've had seventeen years of low defaults, and the actions of the Fed made the global financial crisis, which was probably the most destructive environment I've ever lived through, have only one year of elevated defaults on high yield bonds rather than the normal two.”
Marks says defaults have not yet revealed who made bad loans but expects that to come.
“We actually haven't had many defaults yet, so we haven't had a chance yet to see who made bad loans. That's coming too. But I think that we were reserved in 2025.”