Zortix matched this thesis to Rates & bonds ETFs as the exposure the bearish case argues against, most actionable for readers who already hold them. Not a recommendation.
Direct lending's excess returns have disappeared
Howard Marks argued that the direct lending market, while still fair, no longer offers the lush liquidity premiums or excess returns it did in its early, less competitive days.
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You've read the thesis and who argued it. A free account opens the argument, what validates it, the risks the show raised, and the moment in the episode where it was said — 3 ideas in full a day, no card.