Canonical · Macro & Investing · Memo
The Race to the Bottom
Howard Marks · 2007
"Investors competing to accept ever-worse terms and lower returns are sowing the seeds of the next crisis."
In February 2007 — months before the credit crisis broke — Howard Marks warned about a “race to the bottom” in debt markets. Lenders competing for deals were abandoning the protections and covenants that had long kept them safe, accepting ever more risk for ever lower returns.
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