The Impact of Debt

In his latest memo, Howard Marks examines the relationship between leverage and survivability, taking inspiration from a recent Collaborative Fund post by Morgan Housel. Howard explains why determining the appropriate amount of leverage should be about optimization, not maximization.
You can read the memo here (oaktreecapital.com/insights/memo/the-impact-of…) (oaktreecapital.com/insights/memo/the-impact-of…).