In a recent LinkedIn discussion, I quoted the classic Howard Marks line: “There’s no asset so good that it can’t be overpriced and become a bad investment, and there are very few...

In a recent LinkedIn discussion, I quoted the classic Howard Marks line: “There’s no asset so good that it can’t be overpriced and become a bad investment, and there are very few...
It’s 2020 and YYY’s value-add fund is in acquisition mode. The target return is set at 13%, and the manager presents a deal; a three-year business plan with 60% leverage and a...