Risky Bonds Aren’t So Risky in the Long Run

Published on March 25, 2025

The world is a risky place, and high-yield debt spreads to safe US Treasury securities are close to historic levels of stinginess, signaling complacency in markets — at least on the surface. But legendary investor Howard Marks says that’s the wrong way to look at it and long-term investors should consider allocations to credit.