Howard Marks: The Winds of Change (Latest Memo)

Discussion in 'Wall St. News' started by IntergalacticSpace, Nov 23, 2021.

  1. 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
     
    qlai and longandshort like this.
  2. Goes to show how challenging is the current environment is even for the better managers. Did you read his book?
     
    IntergalacticSpace likes this.
  3. Interesting. I suspected this was true.
     
    IntergalacticSpace likes this.
  4. I enjoyed the Most Important Thing, but haven't gotten around to reading his latest one.
     
    qlai likes this.
  5. SunTrader

    SunTrader

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

    "Boomers have been taking more than their fair share ..."
     
    IntergalacticSpace likes this.