Subject: Re: Howard Marks - It is 1997
He and Rick Reeder make reasonable arguments wrt a likely 6-7% return in high yields without too much risk.

Only if you hold them to maturity (let's say 10 years); even then the returns could be lower than 6-7% if we have a recession in the interim period. We are at a historically low credit spreads right nown which discounts any possibility of adverse events which is also why stock market is overvalued.