Howard Marks Discusses the Interest-Rates Machine
Masters in Business
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Investing in a Distressed Bond Fund
In October 2007, the markets fell about 30% before they recovered in 2008. You had already raised money from clients for new distressed bond fund. In O'506, we vastly reduce our risk because we felt that implausible, undisciplined deals were getting done. We didn't start investing it then only slowly until June of 2008.
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