Howard Marks Says Oaktree Is Increasing Demand for Safety

The transcript discusses a firm's approach to managing credit market risks. It questions whether the firm is moving away from riskier credit market segments, such as triple C rated bonds or single B loans, in favor of higher-rated credits. The firm emphasizes that it relies more on its analysis than on credit ratings to determine safety. Over time, the firm has increased its demand for safety while still holding a significant amount of single B bonds, which they believe have been thoroughly vetted.

What is the significance of holding 'single bees' in the context of the discussion?

What does the speaker imply about the vetting process of their investments?