Howard Marks: The Winds of Change (Latest Memo)

[IntergalacticSpace]

https://www.oaktreecapital.com/docs/default-source/memos/the-winds-of-change.pdf

Not a whole lot in his latest memo on his current positioning on markets. A lot of "we'll see" and "could be".

TLDR:

• The investing environment has changed rapidly due to technology and will continue to create new paradigms
• Technology has reduced the value of labor and government outlays can't take the place of jobs
• People have gotten used to working from home, or have left the workforce due to lockdowns
• The political enviornment has become increasingly polarized and often serve the fringes of the political spectrum
• Boomers have been taking more than their fair share of the pie through spending and government programs.
• The Fed is better off letting the market dictate interest rates
• China is still in the midst of a transformation but will continue to grow faster than the rest of the world

 

[longandshort]

Goes to show how challenging is the current environment is even for the better managers. Did you read his book?

 

[nooby_mcnoob]

Boomers have been taking more than their fair share of the pie through spending and government programs.

Interesting. I suspected this was true.

 

[IntergalacticSpace]

Goes to show how challenging is the current environment is even for the better managers. Did you read his book?

I enjoyed the Most Important Thing, but haven't gotten around to reading his latest one.

 

[SunTrader]

Spoken like 75yr old (boomer) true 0.1 percenter would:

"Boomers have been taking more than their fair share ..."