Howard Marks Discusses the Interest-Rates Machine
Masters in Business
00:00
The Essential Character of Value Is Not What You Buy, but What You Pay
In 1978, when I had 10 years under my belt, I was asked at Citibank to start up the fund for high yield bonds. Starting in 78, I bought the debt of some of the worst companies in America and made a lot of money steadily and safely. And that's when I concluded it's not what you buy but what you pay. There is no asset which is so good that it can't be overpriced and thus dangerous.
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