leverage: everyone on the record — The Minutes https://minutesof.com/on/leverage/ Everyone on the record about leverage: 5 verbatim quotes from 3 people, April 2020 to June 2026, in one chronology, each with a timestamp and a link to… en Sun, 30 Aug 2026 22:33:03 +0000 Howard Marks: Marks notes declining rates made financial engineering and leverage particularly effective at ge https://minutesof.com/q/db0db0ac-f07f-4624-b6fd-32f96cce5c4c/ https://minutesof.com/q/db0db0ac-f07f-4624-b6fd-32f96cce5c4c/ “In this period we've been through of declining interest rates, financial engineering helped a lot, merely owning assets with leverage helped a lot, things regularly went to premium valuations.” — Howard Marks, Barron's Fri, 12 Jun 2026 17:53:42 +0000 leverage Howard Marks: Marks observes a 17-year period without profound low points led people to forget leverage risks. https://minutesof.com/q/a29ae6a2-fd8c-46f0-8302-5baae4692c36/ https://minutesof.com/q/a29ae6a2-fd8c-46f0-8302-5baae4692c36/ “And from March of o nine until, let's say, January '26, there generally were not profound low points. And when good times roll on that long, people forget about the possibility of bad times.” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 leverage Marc Rowan: Rowan distinguishes between traditional private equity and a new model of private equity without l https://minutesof.com/q/2a8a10a2-c053-4795-af0a-2e8928fe7262/ https://minutesof.com/q/2a8a10a2-c053-4795-af0a-2e8928fe7262/ “I think we're heading to a world where we not just have private credit, but we have equity that is private, not just private equity.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 12:01:15 +0000 leverage Marc Rowan: Rowan contrasts bank leverage of 12-14x with zero leverage at typical institutional investors and https://minutesof.com/q/fb63d604-ad6b-453c-b62b-93bee5885d96/ https://minutesof.com/q/fb63d604-ad6b-453c-b62b-93bee5885d96/ “A bank is levered 12 to 14 times. The typical institutional investor is levered zero. The typical mutual fund levered zero. Typical BDC levered 1.5 times. Typical retirement services company levered eight times.” — Marc Rowan, Bloomberg Television Wed, 02 Oct 2024 13:14:05 +0000 leverage Gavin Baker: Baker notes that highly leveraged names like Domino's were among the best performers after 2009. https://minutesof.com/q/453b3fa5-6f74-4bb4-b3bf-ac9f4824f0d5/ https://minutesof.com/q/453b3fa5-6f74-4bb4-b3bf-ac9f4824f0d5/ “Go back to what were the best stocks coming out of June 2009? Netflix, booking.com, Ulta Beauty, Domino's Pizza. Domino's was a name that was incredibly levered.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 leverage