Howard Marks：Risk Revisited Again, Excerpt 3

The economist Hyman Minsky has reminded us, “Each state nurtures forces that lead to its own destruction.” All of history testifies to the truth of this observation. Greater liquidity [by which Bernstein meant greater availability of funds] leads firms to borrow more than before. But higher levels of debt mean increasing vulnerability to adversity and negative shocks in an ever-changing world. For these reasons, as Minsky put it, stability leads inevitably to instability. . . . Even places that were once banana-republics, like Argentina and Brazil, are issuing long-term bonds and even issuing bonds denominated in foreign currencies.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2015-06-08-risk-revisited-again.pdf
Locator：Memo, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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