Gimme Credit

Episode notes

In his latest memo, Howard addresses a common question he’s been receiving over the last few months: “What about credit spreads?” He explains that the key question should be whether today’s spread is sufficient to offset the credit losses that’ll occur, rather than whether it’s historically narrow or not. Further, he emphasizes that spread widening is a short-term phenomenon and expresses his belief that the elevated yield offered by credit presents a better deal than equities, even at today’s spreads. You can read the memo here (

• What's Going on in Private Credit?60 / 100
• Reflections on Oaktree Conference 2026 with Howard Marks56 / 100
• AI Hurtles Ahead47 / 100
• Is It a Bubble?
• Cockroaches in the Coal Mine