The Minutes of Howard Marks on high yield https://minutesof.com/howard-marks/on/high-yield/ Everything Howard Marks has said on high yield: 3 verbatim quotes between January 2019 and March 2026, each with a timestamp and a link to the recording… en Sun, 30 Aug 2026 16:22:27 +0000 Marks reports 99% of Oaktree's high yield bonds paid off but warns competition periodically erodes returns and https://minutesof.com/q/dea444d8-5419-489c-b4d8-3985e86340c7/ https://minutesof.com/q/dea444d8-5419-489c-b4d8-3985e86340c7/ “I think it's 99% of the high yield bonds we bought paid off. So, you know, there's nothing wrong with it fundamentally, intrinsically.” — Bloomberg Television Wed, 18 Mar 2026 17:49:13 +0000 high yield 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 high yield Marks argues the key insight is that any asset can be good at the right price. https://minutesof.com/q/64419f56-bf74-4e46-8eaf-77b88b5dc057/ https://minutesof.com/q/64419f56-bf74-4e46-8eaf-77b88b5dc057/ “the big realization of the last ten, forty years is that just about every asset can get cheap enough so that it's a good investment, and most investments can get so expensive that they're a bad investment. And the revolution of the high yield bond industry was really to say,” — Milken Institute Mon, 14 Jan 2019 19:09:05 +0000 high yield