Cockroaches in the Coal Mine

In his latest memo, Howard Marks examines the recent string of well-publicized credit problems. He considers how they serve as a reminder that the yield premium offered by sub-investment grade credit isn’t a freebie, but rather compensation for bearing credit risk. While good times lead to complacency and elevated risk tolerance, bad times expose the results of that carelessness. Howard emphasizes that it’s essential to always balance the desire to put money to work with the need for prudence. You can read the memo here ( ).

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Cockroaches in the Coal Mine is an episode from The Memo by Howard Marks by Oaktree Capital Management.

This episode is 00:24:29 long.

This episode was published on Nov 6, 2025.

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