Howard Marks：Risk, Excerpt 11

When the emerging markets melted down in 1998, accompanied by the collapse of Long Term Capital Management and the crisis in Russia, most investors thought their risk was limited to their holdings of emerging market securities. But they soon saw firsthand the ability to be affected through the stocks of U.S. companies doing business in emerging markets, high yield bond funds that had dabbled in sovereign debt, and private equity investments exposed to the economies in question.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2006-01-19-risk.pdf
Locator：Memo, excerpt 11 · Verified：2026-10-19 · Verification：Short excerpt

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