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Bruce Richards Calls Third Avenue Management 'Triple-C Cowboys'

  • Head of Marathon sees oil falling below $30 a barrel
  • Richards has added to short positions on energy bonds
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Richards: High Yield Down Six Percent Year-to-Date

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Bruce Richards, chief executive officer of Marathon Asset Management, called managers of Third Avenue Management "triple-C cowboys" for loading up on hard-to-sell unrated and low-rated bonds.

"The big picture is that mutual funds are offering daily liquidity, so they have to be very strongly managed with cash balances, lines of credit, good, quality names that you can trade in the marketplace when you need to sell, as opposed to what Third Avenue was doing," Richards said Friday in a television interview on "Bloomberg <GO>."