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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 1978, Michael Milken created an innovation to the effect that you could issue bonds rated double B, single B, even triple C. Prior to 1977 or 78, there was not possible to issue a bond for the credit rating below triple B. So that was the very beginning of the high yield bond world. There's nothing like being early.

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