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Ep. 705: Howard Marks Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Rise and Fall of High Yield Bonds

In the mid-80s, high yield bonds became financially significant in the US economy. That's when about 30 to 40 billion a year were being issued. It was an insignificant back alley of the investment world until that period. The private equity funds began to borrow huge amounts of money to buy iconic companies like Macy's and Federated Department stores.

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