Howard Marks · The Investor’s Podcast · 13 December 2025
“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.”
Verbatim excerpt with a timestamp. The full recording is at the source; we link out and do not host it. Everything Howard Marks is on record saying.