Gimme Credit

In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “What about credit spreads?” He explains that the key question should be whether today’s spread is sufficient to offset the credit losses that’ll occur, rather than whether it’s historically narrow or not. Further, he emphasizes that spread widening is a short-term phenomenon and expresses his belief that the elevated yield offered by credit presents a better deal than equities, even at today’s spreads. You can read the memo here (

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Gimme Credit is an episode from The Memo by Howard Marks by Oaktree Capital Management.

This episode is 00:29:29 long.

This episode was published on Mar 6, 2025.

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