As Warren Buffett said, “You only find out who is swimming naked when the tide goes out.” Well, the tide is going out and as businesses refinance at higher rates, default rates and distressed exchanges are likely to increase.
“I'm not saying that interest rates are going to go back up. I just think they're done coming down,” Howard Marks, CFA, told Marg Franklin, CFA. "And if that's true, I think we're in a different environment."
There is reason to be cautious about the nascent yen rally.
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