Distressed debt

Howard Marks thinks that markets and the investors that ply them are going to experience massive change in the next decade. If his latest memo is right, credit instruments could come to represent the majority of portfolios.

Despite the popularity of that old adage, it’s never as simple as “buy low, sell high”. But if it’s not true, what are investors to do? “Everyone is familiar with the old saw that’s supposed to capture investing’s basic proposition: “buy low, sell high”,” writes Oaktree Capital founder Howard Marks in his latest memo, ‘Selling…