The Minutes of Howard Marks on margin of safety https://minutesof.com/howard-marks/on/margin-of-safety/ Everything Howard Marks has said on margin of safety: 2 verbatim quotes from April 2026, each with a timestamp and a link to the recording it came from. en Mon, 31 Aug 2026 13:10:26 +0000 Marks bought senior debt at prices profitable even if companies worth one-fifth of buyout valuations. https://minutesof.com/q/fd603b37-9361-42fa-b407-5c96fd084939/ https://minutesof.com/q/fd603b37-9361-42fa-b407-5c96fd084939/ “we were buying the senior most debt of these companies at prices such that if these companies ended up being worth a third or a quarter or a fifth of what these great buyout firms had bought them for a year or two ago, we would be okay.” — Wharton School Tue, 21 Apr 2026 16:17:40 +0000 margin of safety Marks describes buying senior debt at 15-20% yields where company could fall 75% without loss. https://minutesof.com/q/cf7ca356-798b-4e21-b1cd-8fd74f0bb737/ https://minutesof.com/q/cf7ca356-798b-4e21-b1cd-8fd74f0bb737/ “these great buyout firms bought a company for $4,000,000,000 and now we are we can buy the senior most debt at a yield of, I don't know, let's say 15 or 20%, such that if the company ends up being re worth $1,000,000,000 we won't lose any money.” — Wharton School Tue, 21 Apr 2026 16:17:40 +0000 margin of safety