Howard Marks, a well-regarded student of financial markets, is the founder and chairman of Oaktree Capital, which has made heaps of cash by savvy investments in distressed debt. (I’ve been gradually reading through his book, The Most Important Thing: Uncommon Sense for the Thoughtful ...
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After the market close the other day Moody’s downgraded Puerto Rico’s municipal debt by three notches, lowering its estimation of the island’s bonds to junk status. I wrote about the Puerto Rican debt crisis last year in December. Puerto Rico’s risky municipal debt ...
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Apropos of yesterday’s post about Apple’s debt-financed stock buybacks, here are some related stories I’ve been reading this morning. “Lose Your Triple-A Rating, Who Cares?” The WSJ reports that the triple-A credit rating is becoming insignificant: ” Once ...
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In the investment business charts and graphs can be more like Rorschach tests than explications of the market or the economy. By Rorschach test I am referring to black ink drawings that one man says looks like, say, a flower pot while someone else says a horse and rider; the point is that the ...
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