The Minutes of Howard Marks on high-yield bonds https://minutesof.com/howard-marks/on/high-yield-bonds/ Everything Howard Marks has said on high-yield bonds: 2 verbatim quotes from January 2019, each with a timestamp and a link to the recording it came from. en Mon, 31 Aug 2026 13:10:25 +0000 Marks argues good investing is not buying good things but buying things well. https://minutesof.com/q/0304bdfe-e91a-4009-bc31-5761b6510206/ https://minutesof.com/q/0304bdfe-e91a-4009-bc31-5761b6510206/ “And there's a really important lesson in that, that good investing is not a matter of buying good things, but buying things well.” — Milken Institute Mon, 14 Jan 2019 19:09:05 +0000 high-yield bonds Marks explains that B-rated bonds could not be issued before high yield revolution changed thinking. https://minutesof.com/q/9ed64e05-39dd-408d-8e6b-9503787c11be/ https://minutesof.com/q/9ed64e05-39dd-408d-8e6b-9503787c11be/ “And in those days, a bond rated below investment grade, which means below triple b, could not be issued, wasn't proper.” — Milken Institute Mon, 14 Jan 2019 19:09:05 +0000 high-yield bonds