credit: everyone on the record — The Minutes https://minutesof.com/on/credit/ Everyone on the record about credit: 7 verbatim quotes from 2 people, May 2023 to May 2026, in one chronology, each with a timestamp and a link to its… en Sun, 30 Aug 2026 22:32:53 +0000 Howard Marks: Marks reports Oaktree's high yield default rate is roughly one-third the market average over for 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.” — Howard Marks, Nikhil Kamath Mon, 04 May 2026 14:30:01 +0000 credit Howard Marks: Marks explains that in high yield bonds, identifying which bonds to avoid matters more than whic 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.” — Howard Marks, The Investor’s Podcast Sat, 13 Dec 2025 22:45:06 +0000 credit Howard Marks: Marks notes high yield bonds currently offer 7-8% yields, close to historical equity returns wit 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.” — Howard Marks, My First Million Fri, 22 Aug 2025 12:36:27 +0000 credit Marc Rowan: Rowan notes investment grade bonds take five days to sell, predicting poor trading in risk-off mom https://minutesof.com/q/5f3b9b3c-78a9-4cb6-a9c3-9f0c03e62ef4/ https://minutesof.com/q/5f3b9b3c-78a9-4cb6-a9c3-9f0c03e62ef4/ “Takes five days today to sell an investment grade corporate bond. We should expect in every risk off moment public credit to trade poorly.” — Marc Rowan, Bloomberg Podcasts Mon, 05 May 2025 14:48:44 +0000 credit Marc Rowan: Rowan argues regulators have only two choices for credit: banking system or investment marketplace https://minutesof.com/q/6411d3b1-81e8-4a4f-bde5-6d4df9ab4690/ https://minutesof.com/q/6411d3b1-81e8-4a4f-bde5-6d4df9ab4690/ “And regulators have only two choices as to where credit comes from. It can come from the banking system or it can come from the investment marketplace. There's no third choice.” — Marc Rowan, Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 credit Marc Rowan: Rowan reports Apollo's best year ever with $650 billion AUM, $500 billion in credit. https://minutesof.com/q/c92e0652-e151-4baf-a740-05463c8df5f3/ https://minutesof.com/q/c92e0652-e151-4baf-a740-05463c8df5f3/ “Single best year in Apollo's history. Earnings. Asset performance. The our platform as you think about it we are around 650,000,000,000 of assets under management in our asset management business. 500,000,000,000 of that is credit.” — Marc Rowan, Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 credit Marc Rowan: Rowan says $8 trillion in equity printed since 2008 created a fabulous credit entry point as it's https://minutesof.com/q/b12322d7-8423-451b-945a-cd3c802e709e/ https://minutesof.com/q/b12322d7-8423-451b-945a-cd3c802e709e/ “Equity we printed $8,000,000,000,000 from 2008 until 2022. Exactly what was supposed to happen happened. Now that we've started withdrawing it, entry point for credit is fabulous, has adjusted very quickly.” — Marc Rowan, Bloomberg Television Mon, 01 May 2023 16:21:23 +0000 credit